Iranian banks agree to cut rates after inflation plunge
Iranian banks agreed on Saturday to cut deposit and lending rates, the head of Iran's largest commercial bank said, after a sharp fall of inflation gave policymakers more room to pursue faster economic growth. "The directors of state and private banks today agreed...to reduce the one-year deposit rate to 20 percent," the semi-official Mehr news agency quoted Abdolnaser Hemmati, managing director of state-run Bank Melli, as saying. Lending rates were also cut by between 2 and 3 percentage points in response to the drop of inflation, ...
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