Banks should adhere to the approved interest rate of bank deposits

According to a report on Thursday Iran is an economist From Central Bank, “Mohammedreza Farzin” in his periodic meeting with the CEOs of the banks, emphasizing that in the implementation of the approval of the interest rate of deposits and facilities, we do not owe anyone, he stated: the current interest rates are good rates and If the banks work on this basis, there will be no problem. According to the received reports, some banks do not adhere to the approved rates and do not comply with them. Therefore, any bank that does not comply will definitely be introduced to the banking disciplinary board and will be dealt with.

The Governor General of the Central Bank emphasized: Another issue that has been reported to us is the granting of facilities in bank branches, subject to deposits. That the customer should be evaluated based on the turnover of his account is a banking principle, but that the provision of facilities depends on deposits is a report that has reached the Central Bank and the bank CEOs must prevent this issue in the branches as well. obey the law

Farzin clarified: I have asked the deputy supervisor of the central bank to review the above two issues and submit a report to me in the coming days. In case of violation, we will deal with the bank’s board of directors.

According to this report, according to the circular of the Central Bank, which was notified to the banking network on 10th of February 1401, the ceiling of the annual interest rate on fixed-term investment deposits is as follows:

Normal short-term investment deposit 5%, three-month special short-term investment deposit 12%, six-month special short-term investment deposit 17%, long-term investment deposit with a maturity of one year 20.5%, long-term investment deposit with a maturity of 2 years 21.5% and deposit Long-term investment with a maturity of three years is 22.5%. In addition, the interest rate of non-participatory contract facilities of banks and non-bank credit institutions was set at a maximum of 23%, and the expected interest rate of cooperative contracts that can be included in the contract in banks and non-bank credit institutions with customers was set at 23%.

economic stabilization; The need to achieve economic growth

Referring to the economic policies in the agenda of the Central Bank and the government, the Governor General of the Central Bank stated: We must implement and realize these policies in the economy of our country with mutual efforts and cooperation. Last year, after a period of high inflation, we were faced with an increase in the currency, which also affected inflationary expectations, and these expectations intensified last year due to economic and political reasons.

He added: In the new year, we adopted a policy called stabilization policy, the main axis of which is money and currency control. Because we believe that if these two variables are controlled; Then we can establish peace in the markets, and inflationary expectations will be corrected with the resulting performance.

The Governor General of the Central Bank pointed out: In the spring of this year, we were relatively able to control the currency and calm down in the currency market. In terms of monetary policies, we almost managed to reduce the liquidity growth rate, and this rate has returned to the 20% channel after many years, which is considered a great achievement; Of course, this is also a sign of the government’s cooperation.

Farzin said: In the field of monetary policy, it is still necessary to continue the balance sheet control policy; Because this is important in controlling the liquidity rate.

He considered this year to be the year of global recession and said: As we predicted, this year is the year of recession in the world. Because the growth rate of China and the West decreases and there is a constant decrease in the global growth rate, which causes a decrease in the price of oil, petrochemical products and other imported products, and the latest customs statistics confirm this decrease. Therefore, because such a decline was predictable for us to allocate currency based on our forecasts.

Movement of the currency market towards stability

Stating that the currency market is moving towards stability, Farzin noted: However, caution and care should still be taken into account for the stability of the market. But the activities of the economic policy maker and foreign policy assistance have pushed the market towards stability, and it is hoped that this stability will continue in the summer. Because fluctuations usually happen in summer. Of course, if this stability continues, we expect a decline in some sectors and asset markets.

Referring to the recent visit of the Head of the Judiciary to the Central Bank and the unveiling of the Siyaq system, he said: In the meeting with him, the legal issues and problems of the banking system were raised. Therefore, it is necessary to form a joint legal committee between the Central Bank and the Judiciary with the presence of banks’ representatives for better and more interaction.

In this meeting, the deputies of the central bank presented reports on the latest economic developments and the performance of the banking network. Also, in this meeting, some of the CEOs of the banks also expressed their views on bank facilitation, guaranteed purchase of wheat, reduction of queues to receive marriage loans, the need to solve some problems in connecting systems related to the Ministry of Roads and Urban Development in the National Housing Plan. they said.