Bankers to Decide on Interest Rates Soon

The chief executives of state-owned and private banks will reportedly convene on June 7 to decide about bank interest rates for the period leading to the end of the current Iranian year (March 20, 2018). During the corresponding period of last year, private and state-owned banks decided to set the interest rates for one-year deposits at 15%, Banker.ir reported. The decision was subsequently approved by the Money and Credit Council–a decision-making body–making it mandatory for banks and credit institutions to implement it in the following month. The lending rates were also set at 18%. As the rates must be closer to the inflation rate, which is currently 9.8%, and because a number of banks have been offering rates of up to 22%, the meeting is overdue.