Iran raising deposit rates to control rial's depreciation, TV reports | ZAWYA MENA Edition:
"Iran's central bank will raise deposit rates to bolster the value of the Iranian rial after it dropped to record lows, the head of the central bank said, according to a report by state television on Thursday.
Iran's national currency reached a record low around 50,000 in the free market this week, compared with 47,800 last week and 35,570 in mid-September.
"From Saturday for a period of two weeks, banks will be allowed to give interest rates of up to 20 percent on fixed one-year deposits," state TV quoted central bank Governor Valiollah Seif as saying. One-year deposit rates are now capped at 15 percent."
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