EghtesadOnline: As the Central Bank of Iran issued a new directive on Aug. 23 setting a deadline for banks to reduce their deposit interest rates to 15%, the Iranian private sector demands strict oversight over the implementation of rate cuts since banks are already trying to find a way out of it.

EghtesadOnline: The Central Bank of Iran and the Money and Credit Council–a decision-making body–are mandated with deciding the interest rates and the banks’ views are only regarded as suggestions, the secretary-general of the Association of Private Banks and Credit Institutions said.