The Central Bank of Iraq
June 30, 2020 11:21 PM
Direct: The Central Bank of Iraq directed banks and guarantor companies to cut interest from (4.8 percent) to (3.5 percent) for borrowers within the 1-20 million dinar segment.
The CBE also directed to reduce the interest of bank loans from the 21 million – 1 billion dinars segment after it was (6.3 percent) to become (4 percent), according to a statement issued today, Tuesday.
The Central Bank also called on banks to take into account projects related to the tourism, hotels and restaurants sectors, whose recovery may be prolonged by studying postponing their premiums for a longer period until recovering from the pandemic crisis.
The Central Bank of Iraq also decided to enhance the liquidity of “existing projects” that were funded from the (one trillion) initiative in the amount of (5) million dinars for those wishing to do so, with the guarantees of the same project in exchange for administrative commissions and without interest.