The Central Bank of Iran has focused on encouraging people to entrust their foreign currency banknotes to the banking system and according to the regulator’s director of the Department for Foreign Exchange Regulations and Policies, banks are allowed to devise their own interest rates on foreign currency deposits. “CBI’s interest rates for forex deposits are 3% for euro and 4% for the US dollar, but the decision and policy of CBI is to allow banks to absorb deposits at their own rates,” Mehdi Kasraei-Pour also told the website of Mehr News. He said banks are free in this regard if only they operate within the general framework approved by CBI, stressing that forex deposit rates will prove attractive when compared with global rates.

Source:

2018, Banks to Decide FX Deposits’ Interest Rates, Sunday, April 22, p.1,<https://financialtribune.com>