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[size=41]An expert talks about the relationship of loans to the causes of the economic problem in Iraq
2020-03-04
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Yassin Iraq: Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, called on Wednesday, the boards of directors of Iraqi banks, to reduce the interest rate on loans .
Saleh said in press statements monitored by "Yassin Iraq", that "the economic problem of Iraq lies in the fact that the interest rates are high for many reasons, the most important of which is the liberalization witnessed by the Iraqi banks, as it was given freedom to manage the Banking Council to determine the interest on loans and deposits in the central bank, when sharing One is called the interest of monetary policy that banks borrow from the bank. ”
He added that "the interest of the central bank is very large, and it needs to be reviewed, especially since the maximum rate of interest in the world's banks is 6%."
Saleh explained, "The imposition of high interest causes great losses and puts economic life at risk," pointing to "the need for a fundamental pause from the monetary authority and the banking system, and the Ministry of Finance to reconsider the loans and their administration properly."
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