Iran central bank tightens monetary policy, interbank interest rate at 20.93%
The Central Bank of Iran (CBI) has again raised its benchmark interbank interest rate amid efforts by the lender to tighten monetary policy and help the government with its efforts to tame the inflation.
A CBI statement covered in a Saturday report by the Fars news agency said that the bank had increased the interbank rate by 13 basis points to 20.93%.
It is the fourth time in a calendar month that the CBI raises the interbank rate, a measure that affects the loans given to households and businesses.
Iran’s interbank interest rate was 20.65% in late August, down from a yearly high of 21.31% reported in late July.
The tightening of the monetary policy by the CBI comes amid Iranian government plans to control Iran’s annual inflation rate at levels around 40%.
Iran’s consumer prices index rose by one percentage point in August to 41.5%, according to figures by the Iranian statistics agency.
Economists say the high but controlled inflation rate in Iran is mainly a result of a continued American economic pressure as well as the closures and lockdowns caused by the coroanvirus pandemic over the past two years.
Iranian finance ministry had vowed earlier this month it would try to maintain the interbank interest rate at levels below 21% to help businesses and manufacturers secure the cash flow they need.
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