Association of Private Banks: the central bank reduced interest on small and medium loans from 6.3% to 4%

by **claud39** Wed Jul 01, 2020 9:32 am

Association of Private Banks: the central bank reduced interest on small and medium loans from 6.3% to 4%

06/30/2020

The Economy News - Baghdad

The Association of Iraqi Private Banks announced, on Tuesday, the Iraqi Central Bank reduced the interest rate on loans within the initiative of the Central Bank of Iraq from 6.3% to 4% to accelerate the pace of recovery of the Iraqi economy after being affected by the Corona pandemic.

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, said in a statement received by "Al-Iqtisad News", that "the economic activity of Iraq 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, so 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 postponing loan installments for projects related to tourism, hotels and restaurants as a result of the suspension of its business over the past period due to the Corona pandemic."

http://economy-news.net/content.php?id=20885

by **claud39** Wed Jul 01, 2020 10:33 am

Association of Private Banks: the central bank reduced interest on small and medium loans from 6.3% to 4%

06/30/2020

Text:

The Association of Iraqi Private Banks announced, on Tuesday, the Iraqi Central Bank reduced the interest rate on loans within the initiative of the Central Bank of Iraq from 6.3% to 4% to accelerate the pace of recovery of the Iraqi economy after being affected by the Corona pandemic.

The executive director of the Association of Iraqi Private Banks, Ali Tariq, said in a press statement, "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, so the Central Bank of Iraq decided Reducing the interest rate on his initiative to support micro, small, medium and large enterprises 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 postponing loan installments for projects related to tourism, hotels and restaurants as a result of the suspension of its business over the past period due to the Corona pandemic."

http://www.ipbl-iraq.org/content.php?id=243