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EghtesadOnline: It merits mention that low interest rates have undermined people’s zeal to park money in banks as the national currency tanks and runaway inflation eats away at their hard-earned savings.

The Central Bank of Iran says six (unnamed) banks will face punitive action for offering higher interest rates on deposits.

“Banks were given two weeks to stop proposing illegal interest rates. The dossier on one bank is finalized and five others have also been found in breach of CBI regulations. These banks arbitrarily increased interest rates on major deposits and saving accounts,” Abouzar Soroush, the CBI deputy for supervisory affairs, was quoted by as saying.  

Early this month the regulator warned all lenders to play by the rules following persistent reports that some were offering more than 20% interest on deposits to attract big money. Using assorted pretexts banks have cajoled the CBI to raise the rates to entice major depositors.

Lenders CBI