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The central bank cuts the interest of small and medium loans

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The central bank cuts the interest of small and medium loans

Unread postby admin » Tue Jun 30, 2020 7:49 am

The central bank cuts the interest of small and medium loans

6/30/2020 12:20

The central bank cuts the interest of small and medium loans

[Baghdad-Line]
The Association of Iraqi Private Banks announced that the Iraqi Central Bank will reduce the interest rate on loans within the initiative of the Central Bank to accelerate the recovery of the Iraqi economy after it was affected by the Corona pandemic.

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, said in a statement received [where] a copy of it, that "the economic activity of Iraq has witnessed a decline during the past days due to the direct impact of the Corona pandemic on the global economy and the drop in oil prices, which reduced Iraq’s revenues during the last period, Therefore, the Central Bank of Iraq decided to reduce the interest rate on its initiative to support micro, small, medium and large projects in support of the national economy.
Tariq pointed out that the Central Bank of Iraq decided to cut interest on loans that end at 20 million from 4.8% to 3.5%, while loans that start from 21 million dinars to one billion dinars, interest will be 4% after it was 6.3%.
The Executive Director of the Association of Private Banks stressed that the reduction of interest is aimed at supporting national products in order to reduce foreign imports, explaining that the Central Bank of Iraq is currently considering delaying loan installments for projects related to tourism, hotels and restaurants as a result of the suspension of its work throughout the past period due to the Corona pandemic.

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