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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Parliamentary Finance: Bank loan interest is a “heavy burden” on the citizen, and we are working to

    Rocky
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    • Post n°1

    bank - Parliamentary Finance: Bank loan interest is a “heavy burden” on the citizen, and we are working to Empty Parliamentary Finance: Bank loan interest is a “heavy burden” on the citizen, and we are working to

    Post by Rocky Sun 07 Jan 2024, 2:37 pm

    [size=45][size=41]Parliamentary Finance: Bank loan interest is a “heavy burden” on the citizen, and we are working to reduce it[/size]
     5 hours ago
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    Member of the Parliamentary Finance Committee, Mudar Al-Karawi, described the bank interest imposed by banks on their loans as a heavy financial burden on borrowers, stressing that the Central Bank of Iraq and the banks will be hosted to reconsider them.
    Al-Karawi said in a press interview seen by Taqaddam, “The Parliamentary Finance Committee will hold a meeting at the beginning of the legislative term with the Central Bank of Iraq and the Rafidain and Rasheed banks to study the benefits of bank loans and the possibility of reconsidering the financial benefits and reducing the interest rate in a natural way that is compatible with the Iraqi social situation, especially for retirees.” .
    He added, “Loans granted to employees, retirees, and people with limited income must be reconsidered in terms of interest rates according to a mechanism adopted by the Central Bank.”
    Al-Karawi considered that “the interest charged on loans constitutes a financial burden on thousands of families, especially those with limited income and retirees.”
    Since government banks began launching advances and financial loans, borrowers began complaining about the high bank interest rate, and although the official interest rate on loans is 4% of the loan value, the problem is that the bank calculates this percentage multiplied by the number of years to repay the loan to reach the interest. This amounts to 50% of the loan value.
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