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Interest rates to be cut by 2% next year: Iranian Minister

TEHRAN, Feb. 4 (Mehr News Agency) -- Iran's Minister of Mines and Industries Alireza Tahmasbi predicted that the interest rates would be decreased by two percent in the next Iranian year (Iranian calendar year begins March 21, 2007).

The issue - a two percent reduction in the interest rates - has been discussed at the Money and Credit Council, he added, MNA reported on Saturday.

He also referred to the interest rates cut in the current year and commented that currently, the rate is 14 percent for the government run banks and 17 percent for the private banking institutions.

Elsewhere in his comments he announced that in the past ten months, the government has allocated around Rls.70,000 billion (roughly around 7,500 million U.S. dollars) in loans to help finance a number of the contracts concluded in the industries sector. He added that about half of the figure has been offered to small-scale industries.

He further explained that faster job creation, greater flexibility towards market demands, contributing to the work culture and industrial development are the significant advantages of the small industries.

... Payvand News - 2/5/07 ... --

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