• Samba 65 00% 56.65%
    Joga2002 635.254 50% 63.63%
    Bra52 69 23.145% -63.25%
    Joga2002 635.254 50% 63.63%
  • HangSang20 370 400% -20%
    NasDaq4 33 00% 36%
    S&P5002 60 50% 10%
    HangSang20 370 400% -20%
    Dow17 56.23 41.89% -2.635%

EghtesadOnline: EcoIran interpreted the latest CBI move as paving the way for the much-debated higher deposit rates. The website quoted one informed source as saying that the CBI will soon allow banks to increase interest on deposits by 5%.

The Executive Board of the Central Bank of Iran said banks can raise the interest rate on certificates of deposit (CDs) up to 23%.

Mostafa Qamari Vafa, head of the CBI public relations department, wrote on Twitter that "Banks can issue certificates of deposit with 23% interest…Details about the board's decision will be announced in the coming days."

Certificates of deposit provide a fixed interest rate in exchange for the customer agreeing to keep a lump sum untouched for a predetermined period. Normally the time limit is 12 months, but if a client wants to withdraw, the interest rate is cut as a penalty.

Data published by Rade, a local website involved in comparing banking services, shows that all banks had been  offering CDs at 18%.

deposit Interest on Certificates