Middle East Economic Survey


No 16



CBI Orders Reduction In Bank Lending And Savings Rates

The Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani has issued a directive instructing state-owned and private banks to cut interest rates, in an attempt to revive economic growth, the Iranian official News Agency IRNA said on 12 April. In the directive Mr Bahmani told banks to slash their lending rates to 14-17% from 26-28% and to reduce interest rates on long-term...