Cost of Money Declines 1.5% in Iran

The cost of money has declined up to 1.5% following a government decision to scrap the overnight interest rate policy on deposits in January, head of the Association of Private Banks and Credit Institutions said.

Financial Tribune- Kourosh Parvizian, also chief of Parsian Bank, said lenders are trying to further reduce the cost.
He spoke of a proposed package by lenders to the CBI that helps lenders cut the costs.
“The Central Bank of Iran is mulling a plan to reduce legal reserves of lenders,” Fars News Agency quoted him as saying.
The legal deposit ratio currently varies from 10% to 12% for most banks.

Publish Date: Aug 10, 2019