Iran Ups Rates To Stem Currency Crisis
President Mahmud Ahmadinejad has agreed to increase bank interest rates in an effort to halt a fall in the value of the Iranian currency. Economy and Finance Minister Shamseddin Hosseini was quoted as saying that Ahmadinejad had approved a decision to raise interest rates on deposits to up to 21 percent. Ahmadinejad, who is facing a political test of his leadership in Iran's parliamentary elections due in March, had previously vetoed efforts by the Iranian central bank to increase rates. New Western sanctions targeting Iran's vital oil ...
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