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Government banks begin to adopt decreasing interest rates on loans
The first 03/26/2024
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Government banks have begun to adopt decreasing simple interest rates in granting loans to citizens.
A government source told the Iraqi News Agency (INA), “Based on the directives of Prime Minister Muhammad Shiaa Al-Sudani to recalculate bank interest on loans and advances for all groups of society, including groups with limited income, through a plan and vision that reduces the burden of the citizen and enhances financial inclusion, it has been done.” Calculating the simple decreasing interest method instead of the fixed interest that was previously applied.
He added, "Accordingly, all government banks have adopted the new method of calculating the bank interest on those loans and advances to ensure a positive flow in banking performance."
Prime Minister Muhammad Shiaa Al-Sudani had previously directed the directors of all government banks to “prepare a plan to develop the work of banks that includes the optimal use of financial, human and technical resources, moving from paper work to automated work, electronic handling of all banking activities, expanding electronic payment services, and setting a vision.” Comprehensive to banks in granting credit facilities and loans, and developing work mechanisms, including control and oversight tools.”
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