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EghtesadOnline: The Central Bank of Iran’s main plan to control runaway foreign exchange rates has been successful, as the total value of liquidity attracted by banks from the sale of rial certificates of deposit has amounted to 2.4 quadrillion rials ($53.5 billion), the head of the Private Association of Banks and Credit Institutions announced.

“The bulk of this figure has been the movement of the previous long-term deposits with 15% interest rates and short-term deposits with 10% interest rates into the more attractive rial CDs with 20% interest,” Kourosh Parvizian, who also helms the private Bank Parsian, also told IBENA.

The sale of rial CDs began on Feb. 17 and continued until Saturday.

The administration has since begun offering Islamic Treasury Bills with a 20.5% yield, according to Financial Tribune.  

 

Central Bank of Iran Iran foreign exchange rates