Official advice for forex depositors

Financial Tribune- Governor of the Central bank of Iran Valiollah Seif has advised foreign currency depositors to be wary of banks’ credibility and behavior when trusting their hard currency with them.

Seif referred to CBI’s approved deposit rate for foreign currency deposits which has been set at 5% for dollar deposits and 4% for euro ones and considered that as a barometer for customers. He said banks can also deposit their foreign currency in banks and receive interest.

“If a bank offers a lower interest but is a reputable lender, that [should be] more acceptable to the public,” he was quoted as saying by IBENA. He added that if any banks exceed the CBI’s prescribed interest rate, that is not sanctioned by the CBI. In order to shore up the rial against the dollar, the CBI has in recent weeks come up with a raft of measures including the revival of foreign currency deposits at banks.