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[size=36]A parliamentary call to reconsider the interest rates on loans provided to employees[/size]
Economy | 07:58 - 11/23/2023
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Mawazine News - Baghdad
The Parliamentary Finance Committee confirmed today, Thursday, that the interest rates on loans granted by banks are large and deplete employees’ salaries and must be reconsidered, while revealing the results of its meeting with bank managers.
Committee member Moeen Al-Kazemi told the official agency, “The goal of hosting the Finance Committee for bank directors last week was to identify the extent of its seriousness in moving towards implementing a comprehensive banking system and where it has reached in the field of automation, given that the file was previously emphasized,” indicating, “It was necessary to... The Finance Committee should host these banks and set a timetable for them to complete the transformation towards the comprehensive system.”
Regarding the interest rates in loans provided by banks, Al-Kadhimi explained, “The interest rates imposed on loans are large, and it is unfortunate that they target the low and poor middle classes of employees and members of the security services who have financial problems, as they imagine that by receiving 10 million dinars they will solve their problems, and then they will become... The 10 to 15 million are in long-term installments, which depletes their salaries.”
Al-Kadhimi warned that “the benefits of loans provided by banks must be reconsidered, even if investors are the source of funds,” stressing that “it is not correct for banks to respond to the will of investors and set a high profit for them.”
He continued, "There are benefits for banks at the expense of the public interest. Therefore, the interest imposed on the amounts of advances needed by the employee, the retiree, and the ordinary citizen must be reconsidered."
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