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Iran's MCC backs banks interest rates cut

TEHRAN, June 18 (Mehr News Agency) -- Iran's Money and Credit Council (MCC) here Saturday voted for a drop in state and private banks' interest rates to 12% and 13% respectively.

The council made a U-turn as it had voiced its opposition to the reduction of interest rates in the current Iranian calendar year (started March 21, 2007) after a meeting on April 21.

According to Davud Danesh-Ja'fari, minister of finance and economic affairs, interest rate of state-run banks will fall from 14% to 12% and private banks' from 17% to 13%.

The decision, however, has yet to get the nod from President Mahmud Ahmadinejad.

The president had earlier ordered for a decline in both interest rates to 12% and urged the Head of the Central Bank of Iran Ebrahim Sheibani and Danesh-Ja'fari to define its executive process.

... Payvand News - 6/19/07 ... --

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