Iran's Ahmadinejad agrees to up bank rates -report
Iranian President Mahmoud Ahmadinejad has agreed to increase interest rates on bank deposits, the official IRNA news agency reported on Monday, a move that central bank officials hope will stem a steep slide in the value of the local currency. "The economy minister has announced Ahmadinejad has agreed with the approval of the Money and Credit Council to increase interest rates on bank deposits to up to 21 percent," IRNA reported. Rates were previously in a 12.5-15.5 percent range.
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