Al-Nusairi: The Central Bank’s initiatives to revitalize the economy amounted to 18 trillion dinars and achieved their goals

Update 08/01/2022 - 3:00 AM

Samir Al-Nusairi
  
Samir Al-Nusairi, a consultant to the Iraqi Private Banks Association, confirmed in a televised speech that the central bank's lending and financing initiatives have achieved their main objectives in stimulating the economy and revitalizing the economic cycle.

Al-Nusairi indicated, through the Iraq Studio program, which is shown by iNews channel, that the Central Bank allocated an amount of 18 trillion dinars to lend to small, medium, large, housing and renewable energy projects. Allocating 5 trillion dinars for each of them, and the implementation rate is about 70% for the real estate agency and 60% for the Housing Fund.

Al-Nusairi added that the interest rate for housing loans is 2%, decreasing, and the loan amount ranges between 100-150 million dinars, with repayment periods ranging between 15-20 years, and loans for small and medium enterprises reach an interest rate of 3.4%, with a repayment period of up to 5 years.

Al-Nusairi urged borrowers to commit to paying the monthly installments of loans regularly for the purpose of enabling banks to expand the provision of loans to citizens and achieve the developmental, economic and societal goals of the initiatives of the Central Bank.

It is worth noting that the initiatives of the Central Bank's initiatives have contributed to supporting the private sector by more than 30% of the total cash credit granted, and that the amounts allocated to the initiatives constituted 8% of the gross domestic product.

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