Iran News ...


Iran: President opposes interest rate rise as gold price surging

Source: Mehr News Agency, Tehran

Minister of Economic Affairs and Finance Shamseddin Hosseini said on Wednesday that President Mahmoud Ahmadinejad is opposed to a plan which calls for paying higher interest on interest-bearing accounts to encourage people to deposit their savings with banks in a bid to control gold and foreign exchange markets, which are currently in turmoil.

Source: khabar online

Over the past few weeks, a wave of panic buying by Iranian households and small investors has swept gold and currency markets, and the cash floating around has thrown the markets into total disarray, forcing officials to adopt stopgap measures to curb volatility.

Currency exchange at official rates have come to a halt

On Wednesday managing directors of state and private banks, the economy minister, and a number of other ministers attended a special meeting of the Majlis Economy Committee to examine the situation in gold and currency markets.

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