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EghtesadOnline: Banks say interest rates must rise to keep pace with the high and rising inflation to make deposits attractive for savers. Interest that banks now offer on deposits is, at best, far below the skyrocketing inflation rate.

The Money and Credit Council (MCC), the top decision-making body of financial and monetary markets, is expected to increase interest rates, an unnamed official was quoted as saying Tuesday.

"The issue is currently under review and the majority of MCC members have supported higher rates…However, nothing is finalized yet," he told Tasnim News Agency.

The report comes after the Central Bank of Iran Governor Ali Salehabadi's recently commented on change in deposit rates.

"Interest rates should be revised to help strengthen the depreciating national currency. Interest rates should be used as an instrument to reinforce monetary policies… Rates have changed only twice in the past five years," he said this week.

Inflation Interest rates Banks