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Iran interest rate cut sparks panic selling | Iran | Guardian Unlimited

Iran interest rate cut sparks panic selling | Iran | Guardian Unlimited

Iran interest rate cut sparks panic selling


· President's shock order defies expert advice
· Bank shares plummet amid rampant inflation

Robert Tait in Tehran
Friday May 25, 2007
The Guardian

Iran's financial system suffered a fresh jolt yesterday with panic selling on the stock market after the president, Mahmoud Ahmadinejad, abruptly ordered banks to cut interest rates sharply, despite surging inflation.

The order, which Mr Ahmadinejad issued by telephone during a visit to Belarus and which flew in the face of expert advice - has triggered warnings of a financial crisis and spiralling corruption amid fears of a capital flight from the country's lending institutions.
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