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As the Money and Credit Council (MCC) at the Central Bank of Iran (CBI) ponders a further cut in bank interest rates with falling inflation, the heads of several private banks have written to CBI Governor Valiollah Seif requesting that they should be allowed room to adjust their lending and deposit rates, rather than just apply the fixed rates set by the MCC.
This concern by some private banks once again highlights the chaotic situation in the Iranian banking sector, where a large number of credit institutions are unlicensed and therefore unregulated by the CBI. These continue to ignore the CBI’s directives on general policy for the sector and on lending and deposit rates.
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