Iran ups bank interest rate to buoy rial
(AP) TEHRAN, Iran — Iranian President Mahmoud Ahmadinejad has approved increasing bank interest rates to 21 percent, state media reported Wednesday, in a reversal of his earlier opposition to a move economists said was crucial to absorbing liquidity in the market and supporting the Iranian currency. The move came as the rial, under pressure after new U.S. sanctions targeting Iran's Central Bank, shed about 50 percent of its value relative to the dollar in the span of a month. The depreciation built on already mounting worries over the ...
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