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Directive from the Sudanese government to the Central Bank and banks regarding interest on citizens’ loans - urgent
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Baghdad today - Baghdad
Today, Tuesday (January 9, 2024), Prime Minister Muhammad Shiaa Al-Sudani directed the Central Bank and all banks to use the decreasing simple interest method in citizens’ loans.
A government source said in an interview with "Baghdad Today", "Al-Sudani directed the Ministry of Finance, the Central Bank of Iraq, and government and private banks to reconsider calculating the interest paid on loans granted to citizens."
He added, "He also directed the use of the simple, decreasing interest method instead of the cumulative method, which places burdens on the borrower that burden them."
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