Banks Sticking to Lower Interest Rates

Since the implementation of the Central Bank of Iran’s directive decreeing banks and credit institutions cap their interests on one-year deposits at 15% from September 2, lenders have largely cooperated, the head of CBI’s Department of Supervision Over Banks and Credit Institutions said. “More than 1,000 bank branches have been inspected from the start of the directive and they have shown a suitable level of cooperation,” Ali Nassiri was also quoted as saying by the official news website of the central bank. However, echoing CBI Governor Valiollah Seif’s announcement that a number of violating branch heads were removed from their office, Nassiri confirmed that a few bank branches were found in violation of the directive and were confronted.