16909
Uncertified Institutions Warned Anew
Economy, Business And Markets

Uncertified Institutions Warned Anew

The deputy governor of the Central Bank of Iran has warned people against depositing in unauthorized financial and credit institutions which are offering high deposit rates, expressing the CBI’s determination to tighten supervision over the implementation of new interest rates set by the Money and Credit Council.
The MCC has lowered the cap on deposit rates from 22 percent to 20 percent and decreased lending rates to 24 percent from a previous range of 27 to 28 percent.
Hamid Tehranfar said he believes that the unauthorized institutions usually face unmanaged risk as they are involved in highly risky financial activities in an effort to pay higher deposit rates, a process expected to also endanger depositors, ISNA reported.
“In case of defiance, the offenders would be indicted for causing disruption in the economic system and would face penalties,” the official said, expressing hope that all institutions will adhere to the limits and take the CBI’s warnings seriously.
Tehranfar argued that the new cut in the interest rate will boost investment. He said the new lending rates are more compatible with the rate of return in the real economy and they would help banks better finance the manufacturing sector, a move that would lead to decline in consumer prices.

Short URL : http://goo.gl/NPZjsb

You can also read ...

Guidance Forum for Startups
The local accelerator Novintech is set to hold a Q&A...
Fresh Forex, Gold Coin Rally in Tehran Market
After a period of calm, the US dollar is once again surging in...
SpaceX founder Elon Musk says block 5 boosters should be able to fly 50 to 60 times with minimal refurbishment between flights.
Lighting up the deep overnight sky, a SpaceX Falcon 9 rocket...
Iran, Iraqi Kurdistan to Set Up  Industrial Town Along Border
The construction of an industrial city will soon start near...
Isfahan Airport to Increase Plane Parking Capacity
Isfahan International Airport’s parking project has started...
Seafood Exports Earn $50m in 2 Months
About 16,000 tons of seafood worth close to $50 million were...
Iran-Europe Business Center Hosts Talks in Berlin to Foster Tech Ties
A meeting has been held between Iranian and European startups...
Only 2% of Iranian Production  Units Have R&D Departments
From around 98,000 economic and industrial production units,...

Trending

Googleplus