No Interest Paid  on State Accounts
Economy, Business And Markets

No Interest Paid on State Accounts

The accounts of Iranian government entities transferred to the Central Bank of Iran as part of a new plan will receive no interest, announced a deputy economy minister.
In August, the government announced measures to transfer its accounts from agent banks to the Central Bank of Iran in cooperation with the Treasury. 
The measures make up the Electronic Treasury scheme that aims to return the accounts from government and private-owned agent banks to the Treasury.  
A few months passed and on Friday, Treasury director at the Ministry of Economic Affairs and Finance, Mohsen Borzouzadeh, announced that the plan has drastically reduced the number of government accounts from the previous 250,000 accounts to 69,000.
Borzouzadeh promised that the number of accounts will be further reduced to 45,000 by the end of the current fiscal year in March, which number, he said, is at the global standard level and results from the fact that there are 450 executive entities and each entity (which also includes their subsets) can only have 10 accounts.
Deputy Economy Minister Saeed Mirshojaeian elaborated on the plan and told Mehr News Agency that these are current accounts and no interest applies to them.
Mirshojaeian further said that although the process might prove “painful” for the government and banks because the government used to receive interest on its accounts at the banks, “this is a path that must be taken under the strict rule of the law”.

Short URL : https://goo.gl/SWnXyF
  1. https://goo.gl/XLxWB5
  • https://goo.gl/To9TlG
  • https://goo.gl/QP6HpT
  • https://goo.gl/pZRuS6
  • https://goo.gl/Qor5yy

You can also read ...

How China Became Iran’s Coziest Trade Partner?
From bilateral trade to finance contracts and civil projects,...
The economy of the Islamic Republic of Iran has been tied to political and foreign affairs developments over the years.
This is the Financial Tribune’s last edition of the current...
Iranian Banking Sector Awaits Full JCPOA Benefits
Iran’s Deputy Foreign Minister Abbas Araqchi addressed various...
President Hassan Rouhani on Sunday spoke to reporters after the last Cabinet meeting of the current year.
President Hassan Rouhani on Sunday outlined his administration...
Iran has more than 37 billion tons of proven mineral reserves and 57 billion tons of potential reserves.
Iran exported more than 58.09 million tons of mineral products...
All-Out Growth in Interbank Market
The Central Bank of Iran has released its latest data on the...

Add new comment

Read our comment policy before posting your viewpoints