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


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

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