The Central Bank of Iran has issued an ultimatum to all banks to comply with deposit rates approved by the Money and Credit Council, the top decision-making body of financial markets.
A letter to bank CEOs released by the CBI-affiliated news service IBENA said some banks are continuing to offer interest rates above announced ceilings, despite warnings.
“This is the final and final warning to unruly banks… they will face the Bank Enforcement Board if they don’t play by the rules,” the regulator said fairly bluntly.
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