Ghana

Iran’s central bank raises interbank deposit rate to 13 percent

banks
banks

The Central Bank of Iran (CBI) on Saturday raised the rate on interbank deposits by one percentage point to 13 percent, Eghtesad Online news website reported.

The CBI had increased the rate from 10 percent to 12 percent last week.

The recent moves are in line with the CBI’s monetary policy to control inflation through open market operation and the interest rate corridor (IRC).

On Thursday, the CBI said the current inflation rate is higher than the inflation target announced by the regulator.

“The decision (to raise deposit rates) was made to narrow IRC spread and guide the inflation rate toward the set target,” a CBI notice was cited as saying by Eghtesad Online.

The IRC is a system for guiding short-term market interest rates toward the central bank target policy rate. It consists of a rate at which the central bank lends to banks and a rate at which it takes deposits from them. Enditem

Send your news stories to [email protected] and via WhatsApp on +233 234-972-832 

Football news:

Ex - Roma coach Di Francesco took charge of Cagliari, replacing Zenga
England will remove players who intentionally cough at opponents and referees
Manchester City showed a new away form
The Icelandic national team presented their home uniforms for the 2020/21 season
In 1999, Arsenal beat Sheffield in the Cup, but Wenger offered to replay the match – because Kanu violated fair play
Milan and Napoli are Interested in Godfrey. Norwich wants 30 million euros for the defender
Wenger named the Champions League favourites: Manchester City and PSG