Central Bank of Iran Sets Forex Deposit Terms

The Central Bank of Iran on Saturday notified a directive to the banking system, which sets foreign currency deposit interest rates and doubles down on the previous promise of guaranteed returns.
“Banks will be allowed to accept foreign exchange deposits in the form of banknotes in euro, Emirati dirham and US dollar with interest rates of 3%, 2% and 4% respectively, along with the central bank’s guarantee,” the statement published on the regulator’s official website said.
The directive added that it has allowed banks to accept the aforesaid banknotes from real and legal persons in the non-government sector with the CBI guarantee and then deposit those banknotes with the central bank.
The maturity periods of the contracts will be set at one year and if the customer decides to extend the contract before its maturity period and the CBI approves it, the period can be extended for another year.