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EghtesadOnline: The Central Bank of Iran has floated the possibility of raising interest rates any decision must be first be approved by the Money and Credit Council MCC) before announcement.

Economist and university professor, Morteza Afqeh, told IBENA that the current 40% plus inflation has added to the increasing disinclination among savers to keep their money in banks.

“The maximum interest banks offer are between 17%-18%, this simply means that the people are losing 20% of their purchasing power every year. The people want to be able to at least retain the ability to buy goods, which under the present interest rate structure is not possible,” Afqeh added.

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