Central Bank of Iran unveils its Euro Deposit Certificate plan

TEHRAN, Iran, June 29 Trend: The governor of Central Bank of Iran (CBI) Abdul Nasser Hemmati said that the CBI will soon submit the Euro Deposit Certificate Plan to the Monetary and Credit Council, Trend reports citing his statement published in his Instagram account. Based on this plan, the Central Bank is going to collect rials and deposit them in the form of euro certificate with a certain interest rate. "In order to manage liquidity and direct inflation towards 22-percent target, the Central Bank will soon submit a Euro Deposit Certificate Plan to the Monetary and Credit Council. Under this plan, CBI is committed to paying the same amount in euros to depositors,” he wrote. Hemmati added that the central bank will continue its stabilizing measures in the financial markets. Since 2018, Iran banks are allowed to accept foreign exchange deposits in the form of banknotes in euro, Emirati dirhams and US dollars with interest rates of 3%, 2% and 4% respectively, along with the central bank’s guarantee.