Economy, Business And Markets

Majlis Backs Rate Cuts

Majlis Backs Rate CutsMajlis Backs Rate Cuts

The Majlis Economic Commission approves lowering banking interest rates to 12%, but a prerequisite for that would be stabilization of the inflation rate, says the commission’s chairman.”We are in favor of lower bank deposit and lending rates in accordance with the inflation rate and the return on investment (ROI) rate,” Mohammad Reza Pour Ebrahimi was quoted as saying by”At a time when the inflation rate is near 9%, interest rates can be set at 12% and lending rates a bit higher.”The lawmaker did, however, add that “stabilizing the inflation rate in a 3-5 year period” will be the criterion for real stability.