Iran’s Central Bank slashes interest rate by 2%
The Central Bank of Iran (CBI) has cut the country’s annual deposit interest rate to 20% following a markdown of inflation rate.
The Money and Credit Council (MCC), the highest banking policy-making body of the CBI, decided to lower the Iranian banks' interest rates by a couple of points on Tuesday after an hours-long session.
This comes almost two weeks after Iranian banks agreed to a plan to cut the annual deposit interest rate to 20%, which will be effective on May 5.
CBI governor Valiollah Seif said last month that the Central Bank was determined to adjust the interest rates with inflation rate.
He also said that CBI’s decision would be aimed at preventing money market speculators from using interest rates in “unconstructive competition.”
Last week, the Statistical Center of Iran (SCI) announced that the country’s inflation rate averaged 14.5% in the 12 months to March 21 (the beginning of the Iranian calendar year).
This is while the SCI’s inflation figure for March last year was 30.2%.
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