Gov’t to Focus on Interest Rate Cuts

Gov’t to Focus on Interest Rate Cuts

Owing to the importance of bank interest rates for realizing the main goals of Iranian economy, decreasing the rates will play a significant role in the second term of President Hassan Rouhani’s administration, the first vice president said.
“Bank interest rates must change in line with the inflation rate. It must reach a figure that will assist the production sector and not act as an obstacle to development,” Es’haq Jahangiri was also quoted as saying by Tasnim News Agency.
“Therefore, one of the main agendas of the administration will be to correct the bank interest rates,” he told an event held to celebrate the Industry and Mine National Day.
Top-tier officials and pundits alike have been increasingly speaking about the necessity of reducing the rates, which are currently set at 18% following a directive last year by the Money and Credit Council but offered at around 20%.
Jahangiri’s comments echo those of the president who had recently underscored the importance of reforming the banking sector and referring to it as the main agenda of his next administration. The official also referred to the recent landmark $4.8 billion deal signed days ago between Iran and the French energy giant Total S.A. to develop Phase 11 of the South Pars Gas Field in the Persian Gulf, saying a number of critics have been seeking to highlight its negative aspects.
What matters, he added, is that the deal was signed after a year and a half of research work and tens of meetings, and that a “major French company has braved the risk and decided to enter the Iranian market”.
Jahangiri emphasized that the deal is not in contrast with national interests, noting that the administration has even sent the deal to Parliament Speaker Ali Larijani to ensure it is in line with the law.


Short URL : https://goo.gl/Cv1Rrn
  1. https://goo.gl/LdFY5i
  • https://goo.gl/DoLgqn
  • https://goo.gl/cmmZg2
  • https://goo.gl/pefHc2
  • https://goo.gl/VeD3jU

You can also read ...

Apple Moves to Store iCloud Keys in China
When Apple Inc begins hosting Chinese users’ iCloud accounts...
Iranian Knowledge-Based Firm to Produce Anesthesia Machines
A knowledge-based company located in Pardis Technology Park...
Decoding Iran’s High Savings Trend
In a sample of 25-odd developing countries that make up...
Iran-Denmark Trade Tops 11% in 2017
Iran exported close to €10 million worth of commodities to...
Continued Action to Improve the Situation With FATF
Following the Financial Action Task Force’s latest decision,...
Total residential deals registered during the 11 months to Feb. 19 equaled 168,933, which indicate an increase of 12.8% compared with the same period last year.
The total number of housing deals in Tehran reached 18,400...
INSIG Workers to Receive Delayed Payments by March 20
Iran National Steel Industrial Group’s workers will receive...
Business Delegation to Visit Albania, Macedonia
An Iranian business delegation led by Chairman of Iran Chamber...

Add new comment

Read our comment policy before posting your viewpoints