“The bulk of this figure has been the movement of the previous long-term deposits with 15% interest rates and short-term deposits with 10% interest rates into the more attractive rial CDs with 20% interest,” Kourosh Parvizian, who also helms the private Bank Parsian, also told IBENA.
The sale of rial CDs began on Feb. 17 and continued until Saturday.
The administration has since begun offering Islamic Treasury Bills with a 20.5% yield, according to Financial Tribune.