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Iranian banks cut annual deposit rate to 15 percent
02/09/2017
Banks and credit institutions in Iran, starting on Saturday, are implementing the central bank's decision to cut the annual deposit rate to 15 percent.
The new Central Bank decision, the short-term deposit rate (daily account), set a maximum of 10 percent.
By cutting interest rates, the central bank aims to support the production sector after a gradual recovery of the post-embargo economy and a 10 percent drop in inflation from about 40 percent in 2013, with bank interest rates peaking at 23 percent.
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