Economy, Business And Markets

MP Criticizes Central Bank

MP Criticizes Central Bank MP Criticizes Central Bank

A parliamentarian has criticized the central bank for failing to take disciplinary measures against banks and credit institutions that violate interest rate regulations, IRNA reported. Arsalan Fathipour called on the central bank to compel all banks to stick with the set rates. The Money and Credit Council has lowered interest rates by two percentage points but many credit institutions and commercial banks are reportedly illegally offering higher deposit rates to their customers to absorb more capital. The lawmaker said it is a “sign of weakness” for central bank officials that violations are continuing.  He warned the central bank’s failure is damaging manufacturing as the struggling sector has so far failed to receive sufficient loans from the banking system.