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[size=36]Parliamentary Finance: A trend to reduce the interest rate on loans granted to citizens[/size]
Economy | 02:51 - 20/2020
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Baghdad - Mawazine News
, The Parliamentary Finance Committee revealed, on Monday, that there is a trend to reduce the interest rate on loans granted to citizens.
Member of the Committee, Deputy Ahmed Al-Saffar said, "The Finance Committee previously hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss the interest rate on loans granted to citizens."
He added, "The central bank is the main source of funds and it is the one who determines the interest rate," noting that "the financial benefits resulting from loans are very high because the central bank has set a certain percentage and there are banks that take a commission of 1% to 2%."
He pointed out that "the governor of the bank put forward several options to reduce the interest rate," stressing "the committee's intention to follow up on the matter after the end of the current crisis, because of its importance in reducing the economic recession in the country."
He explained, "Reducing or canceling the interest rate will encourage citizens to borrow, which will lead to raising the purchasing rate and easing the recession in the markets," noting that "the United States worked to reduce interest rates to zero, while Japan set the interest rate to -1, what It means that it gives benefits to the borrower in order to encourage him to borrow. "
He stressed the need to “reduce the interest rate to 3% as a first stage, and after another period it will be completely canceled until it reaches zero.” Ended 29 / A 43
, The Parliamentary Finance Committee revealed, on Monday, that there is a trend to reduce the interest rate on loans granted to citizens.
Member of the Committee, Deputy Ahmed Al-Saffar said, "The Finance Committee previously hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss the interest rate on loans granted to citizens."
He added, "The central bank is the main source of funds and it is the one who determines the interest rate," noting that "the financial benefits resulting from loans are very high because the central bank has set a certain percentage and there are banks that take a commission of 1% to 2%."
He pointed out that "the governor of the bank put forward several options to reduce the interest rate," stressing "the committee's intention to follow up on the matter after the end of the current crisis, because of its importance in reducing the economic recession in the country."
He explained, "Reducing or canceling the interest rate will encourage citizens to borrow, which will lead to raising the purchasing rate and easing the recession in the markets," noting that "the United States worked to reduce interest rates to zero, while Japan set the interest rate to -1, what It means that it gives benefits to the borrower in order to encourage him to borrow. "
He stressed the need to “reduce the interest rate to 3% as a first stage, and after another period it will be completely canceled until it reaches zero.” Ended 29 / A 43
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