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Economy News _ Baghdad
The economic and banking advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, praised, on Saturday, the central bank’s lending initiatives to revitalize the housing sector and encourage citizens to buy housing units in residential complexes or to buy housing estates in cities.
Al-Nusairi said in an interview with "Al-Iqtisad News", that the economic situation in Iraq for a long time, which may exceed two decades, suffers from problems, challenges and repercussions due to subjectivity and objectivity, most notably instability and the rise and decline in international oil prices, given that Iraq depends mainly on oil and constitutes 93% of The total revenues of the general budget. Therefore, the economic crisis during the last two years and the measures to change the exchange rate of the dinar and the lack of local production for most imported materials led to a rise in the prices of construction materials, which contributed to the rise in real estate prices, and formed a high inflation rate for the past three months compared to the previous months.
He added that the Central Bank had been supportive of the issue of granting real estate loans, and in addition to its many initiatives in financing various projects, it had added 5 trillion to housing loans and residential complexes, and had also allocated, earlier, 1 trillion allocated to private banks, loans of up to 100 million dinars to buy apartments in residential complexes. Or the construction of a property, and this constitutes a great support from the Central Bank for the purpose of revitalizing the housing sector and controlling the rise in real estate prices, but the important and fundamental thing is whether the borrowing citizen actually tries to pump this loan in addition to buying or constructing the property, but may use a percentage of the loan for other unplanned purposes within Central Bank initiatives.
He pointed out that the issue of high real estate prices is related to the internal economic situation and the repercussions and the failure to activate other economic sectors, and this must take into account that the actual need for housing units is up to (3.5) million housing units, and this large number requires large sums and exceptional efforts for the relevant ministries and the National Investment Authority to expand Distributing low-cost plots of land and housing units to people with limited income.
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