Tuesday, April 12, 2011

Iran Central Bank Slashes Interest Rates

The Central Bank of the Islamic Republic of Iran "has announced the banks' interests rates, which were about 26 to 28 percent, as 14 to 17 percent," according to Governor Mahmoud Bahmani. The Bank also decreased the interest rate for long-term savings by 200 basis points to 15.00% from 17.00% previously. The Bank said of the move: "The aim is to help production and industries so that by decreasing the price of finished goods we can control and better manage imports,". Iran reported official inflation of 12.4% in the year ending 20 March.


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