The Central Bank or Iran (CBI) has announced a second cut in interest rates since April 2015 as the country looks to further stimulate its economy following the lifting of nuclear sanctions last month.
The cut, which came into effect on 20 February, was approved by the CBI’s Money and Credit Council (MCC), following prior agreement among commercial banks to reduce deposit and lending rates. President Hassan Rohani says high interest and deposit rates are harming the economy, as they deter businesses from borrowing. (CONTINUED - 1113 WORDS)
