Financial and Banking News
Iran Raises Deposit Rates, and Will Allow Banks to Compete for Funds
Iran has increased the interest rates payable on bank deposits, and in futurewill allow banks to compete for funds by paying different rates of interest. Therate on five year deposits will be 14%, for the year to 20 March 1992, anincrease of 1% on the previous year. Three month deposits will pay 6.5%. Lendingrates remain unchanged at 9% for agricultural loans,...