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Banks Warned Against Higher Interest Rates
In a fresh warning to banks and credit institutions, the Central Bank of Iran said they must not pay interest on deposits over and above those set by the regulator.
In a press release posted on its website, the CBI cited reports about some banks that arbitrarily raised interest rates on big deposits and savings and warned the CEOs of such banks that will face the full force of the law.
The warning came after reports that some banks were offering more than 20% interest on deposits, apparently in the attempt to lure customers with big money.
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