[size=38] The Central Bank Clarifies The Value Of Interest On 4 Types Of Loans And Reveals Its Recommendations[You must be registered and logged in to see this link.] 01/14/2022 | 11:41 AM
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Today, Friday, the Central Bank of Iraq clarified the value of interest on 4 types of loans, while revealing its recommendations to banks.
The Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, said in a statement to the official agency seen by / the information / that "the central bank encourages many banks to reduce interests, and to expand them to provide banking services and include all beneficiaries."
He added that "the central bank urges banks to reduce the gap between the benefits of borrowing and lending," noting that "some banks grant interest with high loans and few benefits to depositors, and this depends on the extent of the risks and the extent of the feasibility of borrowing. The comparison is made with accepting the deposit, because the bank cannot grant returns. It is high for investors, because he may have borrowed money and seeks to achieve between the interest he achieves for the customer and the cost of the money he obtained in order to lend it.”
And he indicated that "all these matters do not apply to the initiative of the Central Bank, because the initiative is for housing loans and they are interest-free, but with a single administrative commission," explaining that "loans on other projects, whether agricultural, industrial or commercial, have very low and diminishing interests." Ended 25