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Iran: President Ahmadinejad approves of banks interest rate cut


Tehran, June 22, IRNA - President Mahmoud Ahmadinejad on Friday approved of the Money & Credit Council's decision to decrease the interest rate for private and public banking facilities, ordering its implementation.

Ahmadinejad's state order was issued following a letter forwarded by Central Bank Governor to the Money & Credit Council, and that Council's decision to decrease the interest rate for the loans and other facilities offered by banks down to 12% for the state banks, and 13% for the private banks, that is also effective for the credit institutes.

The president has in his letter asked the concerned officials to see into allocation of the resorts at the disposal of the banks to productive investments, observing justice throughout the country in doing so.

President Ahmadinejad has stressed, "Just as the country is in need of factories and huge industries, it is in need of small workshops and farms, employment, housing, and marriage facilities, and care should be taken that the banks would get involved merely in banking affairs."

He has also appreciated the Money & Credit Council for their hard work in deciding the financial and banking affairs, keeping in mind their Islamic commitments, and their responsibilities towards the nation.

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