Iran: Interest Rate Growth Gathers Pace

Two major banks have been allowed by the Central Bank of Iran to offer certificate of deposit (CD) at interest rates higher than the current ceiling, reinforcing months-long speculations that the regulator will raise interest rates. 
Bank Melli, Iran’s biggest bank, and Tejarat Bank, a major privatized lender, have been given the go-ahead by CBI in the past two weeks to issue CDs with guaranteed annual yields of 18%, considerably higher than the current legal cap of 15% set by the Money and Credit Council, the country’s top financial decision-making body.