Economy, Business And Markets

SEO Slams Banks

SEO Slams BanksSEO Slams Banks

The Securities and Exchange Organization (SEO) has criticized the banks for offering interest rates of higher than 22% - as instructed by the Central Bank of Iran (CBI), reported MNA on Tuesday. Ali Salehabadi, the SEO chief, urged the banks to stick to the approved rates, warning that any arbitrary manipulation of the interest rates will harm the equity market. The SEO official added that considering the descending order of inflation, the CBI’s future decision to reduce the interest rates would positively influence the equity market as capital would start to flow in the equity market. Salehabadi’s comments come as Es’haq Jahangiri, first vice president, recently emphasized the need to limit the banks’ reserve ratio to 10%.