Declaring that banks have now reduced the interest on their deposits, Minister of Finance and Economic Affairs Masoud Karbasian announced that the Money and Credit Council will pursue lowering of lending rates, though there has been no discussion over the issue yet. According to Karbasian, Tehran’s foreign exchange market is calm and nothing out of the ordinary has occurred, as fluctuations in foreign exchange rates are natural. The minister also denied that the exchange rate of the US dollar has been set at 45,000 rials by the government, noting that the rate of greenback has not yet been determined for the next Iranian year (starting March 21, 2018).
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