Home
What is the working mechanism for reconsidering the calculation of loan interest?...Government clarification
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
Economy News - Baghdad
Today, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the working mechanism by reconsidering the calculation of loan interest, while stressing that all banks are included in the reconsideration of the calculation of loan interest.
Saleh told the official agency, followed by Al-Aqsad News, that “the decision in which Prime Minister Muhammad Shiaa Al-Sudani directed to reconsider the calculation of loan interest is in the interest of the citizen borrower directly, especially from government banks, by recalculating the annual interest that the banks were charging on the entire amount.” The loan granted to the citizen borrower until the date of full repayment.
He added, “The decision applies to unpaid loan balances, and it is an important directive that will reduce the interest burden imposed on the entire paid and unpaid amount until the date of final repayment of the entire loan, as was the case previously,” indicating that “the fixed method for collecting loan interest (i.e. The cumulative method) introduces unnoticeable complications in collecting the same interest rate, repeatedly due to the method of calculation that was adopted under the prevailing banking practices.
Saleh pointed out that, “starting from this year, the methods of calculating the annual interest on bank loans, especially government loans granted to citizens, have changed, so that the cost of the loan becomes as low as possible when calculating the interest that the loan owner contracted with the bank when granting him the loan,” stressing that “this decision applies to The entire Iraqi banking system, without exception, and all loans granted, including housing loans.”
Prime Minister Muhammad Shiaa Al-Sudani had previously directed a reconsideration of the calculation of interest paid on loans granted to citizens.
A government source told the Iraqi News Agency (INA), “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 using the simple decreasing interest method instead of the cumulative method, which burdens the borrower with burdens on them.” .
Views 28
Added 03/29/2024 - 3:04 PM
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
Economy News - Baghdad
Today, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the working mechanism by reconsidering the calculation of loan interest, while stressing that all banks are included in the reconsideration of the calculation of loan interest.
Saleh told the official agency, followed by Al-Aqsad News, that “the decision in which Prime Minister Muhammad Shiaa Al-Sudani directed to reconsider the calculation of loan interest is in the interest of the citizen borrower directly, especially from government banks, by recalculating the annual interest that the banks were charging on the entire amount.” The loan granted to the citizen borrower until the date of full repayment.
He added, “The decision applies to unpaid loan balances, and it is an important directive that will reduce the interest burden imposed on the entire paid and unpaid amount until the date of final repayment of the entire loan, as was the case previously,” indicating that “the fixed method for collecting loan interest (i.e. The cumulative method) introduces unnoticeable complications in collecting the same interest rate, repeatedly due to the method of calculation that was adopted under the prevailing banking practices.
Saleh pointed out that, “starting from this year, the methods of calculating the annual interest on bank loans, especially government loans granted to citizens, have changed, so that the cost of the loan becomes as low as possible when calculating the interest that the loan owner contracted with the bank when granting him the loan,” stressing that “this decision applies to The entire Iraqi banking system, without exception, and all loans granted, including housing loans.”
Prime Minister Muhammad Shiaa Al-Sudani had previously directed a reconsideration of the calculation of interest paid on loans granted to citizens.
A government source told the Iraqi News Agency (INA), “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 using the simple decreasing interest method instead of the cumulative method, which burdens the borrower with burdens on them.” .
Views 28
Added 03/29/2024 - 3:04 PM
[You must be registered and logged in to see this link.]
» 150 suspended laws.. Political differences continue to obstruct the work of Parliament
» MP: Sunni and Kurdish blocs want US forces to remain in Iraq
» Central Bank Dollar Sales Increase
» Launching the industrial cities plan in Diyala
» Researcher: Mismanagement and politics negatively affected the value of the Iraqi dinar against the
» Analyst: Al-Mashhadani is marketing himself on the basis of representing the Sunni component in parl
» Kurdistan Region Authority Demands Postponement of Population Census in Iraq
» Urea factories in Iraq produce 2,500 tons per day.. How will they be affected?
» Turkish companies produce nearly 40,000 barrels of oil per day in three countries, including Iraq
» BlackRock's Bitcoin ETF Size Surpasses Gold's
» Border crossings: The number of Lebanese guests to Iraq reached 18 thousand
» Electricity identifies two sites for generating energy using waste
» Parliamentary move to legislate the "Green Economy" law
» Due to traffic congestion, 60% of Iraqis suffer from psychological pressure
» Iraq looks forward to a new phase after Trump's victory
» Baghdad hosts the fourth Arab Media Conference
» Iraq at Riyadh Summit tomorrow
» Al-Sudani directs to take important steps within the framework of efforts to reform the financial an
» Al-Sudani renews his call to stop the war in Lebanon and Gaza
» Foreign Minister arrives in Riyadh to participate in the ministerial meeting of the Arab-Islamic Sum
» Today's newspapers focus on the phone call between Al-Sudani and Trump and the preparatory ministeri
» Iraq's oil exports to America fell last week
» Labor and the World Bank discuss developing and updating the electronic systems of the Social Protec
» Kurdish concern over Trump's policies: We do not count on his positions on Middle East issues
» Human Rights Center: 60% of Iraqis suffer from psychological pressure due to overcrowding
» The regional government demands postponing the population census in areas subject to Article 140
» Former Finance Undersecretary Reveals Reasons for the Continuation of the Region’s Salary Crisis: So
» Industry confirms opening of 9 factories and completion of 80% of government program
» Ministry of Construction: Launching the housing loan application form in early 2025
» Al-Saadi: The government must purchase air defense systems despite American pressure
» Al-Sudani directs the Crisis Management Center to provide relief to those affected by floods in nort
» Erbil Trade and Industry calls on Al-Sudani to remove obstacles to trade movement with Iraqi provinc
» Sudanese in Kurdistan next Wednesday
» Trump's return and the file of withdrawing US forces.. Will understandings be slaughtered on the alt
» Bitcoin breaks all-time record!
» Baghdad and the factions calm down with “Trump” and deny providing facilities for Iran to strike Isr
» The leaks crisis “gets more complicated” and the government complains of “targeting”.. Al-Sudani’s c
» Al-Awadi: The communication between the Prime Minister and the US President-elect was highly positiv
» Minister of Industry: Government move to ensure gas supply for fertilizer projects
» Delay in 2025 budget schedules raises concerns in parliament
» Next week .. Launching the eighth food basket in Iraq
» The Commission responds to 68% of the appeals of the Kurdistan elections.. When is the "final approv
» Is there a relationship between "Indomie" and dollar smuggling in Iraq?
» Dollar exchange rates in Iraqi markets today
» "For Budget and Elections Entitlements"... Basra is "Excited" to Count Its Population after Years of
» Government advisor proud of resistance strikes from Iraq: Iran is the tent and foundation of resista
» Solar electricity... billions on building roofs
» utube 11/8/24 MM&C MM&C -Iraq Dinar-International Stability-Financial System-IMF-Art
» MM&C 11/8/24 Does printing the currency in Iraq cost huge amounts?.. An expert answers
» utube 11/9/2 MM&C News Reporting-Sudani Art IV IMF-Port Faw Open-CBI Governor-No Room for Tw
» To approve controversial laws... new political understandings between the blocs
» TBI opens two branches in Sulaymaniyah and Erbil and distributes 10,000 bank cards in Kurdistan
» Private Banks Association: The rate of financial inclusion for electronic payment is increasing
» Following the extension of the legislative term... a representative of "Al-Jabal": More than 120 law
» The leak of “billion-dollar bribes” shakes the atmosphere... Al-Sudani’s advisor is in the eye of th
» Central Statistical Organization: $24.6 billion in Iraqi imports in 2023
» Operating Iraqi factories... citizens' hope and influential merchants' obstacle
» Al-Sudani Office: Spreading lies is the weapon of the bankrupt
» Al-Maliki: The government and political forces must abide by the statement of the authority
» Parliamentary Security: US forces entered Iraq for the purpose of occupation
» Politician: Next year's budget will face several challenges
» White House Position Awaits Iraqi Beauty Who Helped Trump Return to Presidency
» Dana Gas achieves $112 million in profits in nine months in Kurdistan
» Al-Maliki warns against the explosion of internal crises and the activity of Baath Party cells in Ir
» Find out Iraq's global and Arab ranking with the highest average per capita wealth for the year 2024
» Al-Sudani's advisor: We have put in place a mechanism to provide loans to these groups
» A set of recommendations from Al-Sudani to reform the financial and banking system in Iraq
» Economist: Mistakes are being made in dealing with Basra crude prices
» MP reveals reason behind rising real estate prices in Basra
» Private Banks Association: Financial inclusion rate rose to 48%
» Economic Center Proposes Establishing a Ministry or Authority for Artificial Intelligence in Iraq
» Head of the "Homeland" coalition to "Nina": New understandings between parliamentary blocs to pass c
» Interior Minister chairs meeting to discuss preparations for securing Arab Summit in Baghdad
» The Prime Minister of the Kurdistan Regional Government discusses with the Japanese Ambassador to Ir
» Al-Maliki: Iraq is a key country in the region, not a marginal one
» Al-Araji discusses with the Iranian military attaché in Baghdad ways to enhance the security and sta
» Expectations of delaying the formation of the regional government until next year due to the lack of
» Tens of thousands of victims.. Will Iraq be able to remove mines before the end of 2028?
» Parliamentary satisfaction with intelligence efforts: The quality of information contributed to dire
» Trump wants to meet Sudani soon
» Kurdistan Finance delegation in Baghdad to discuss October salaries
» Voting this week.. Political dialogues to resolve differences over controversial laws in parliament
» Oil: Associated gas investment in the north reached 410 MCM
» With a length of (2444) meters.. Transport explains the strategic importance of the submerged tunnel
» Government Media: 670 model schools completed in all governorates
» For these reasons, Al-Mashhadani came to power as Speaker of Parliament.
» For these reasons, Al-Mashhadani came to power as Speaker of Parliament.
» Iraq reveals Iranian pledges not to use its territory in any attack
» Al-Mashhadani’s first test: “One month” before the Iraqi parliament to decide on “controversial” law
» Al-Sudani directs Jordanians to enter Iraq without a visa
» Wasted wealth.. More than 50% of Iraqi factories are out of operation
» Saleh Al-Mutlaq: “General amnesty” is designed for thieves
» Parliamentarian: Cancellation of the international coalition withdrawal agreement from Iraq is possi
» Government 'furious' at spreading lies: Law will take its right course
» Baghdad Mayor launches new phase to achieve sustainable development at Cairo Urban Forum
» Spreading lies is the weapon of the bankrupt.. The government: We will continue the war on corruptio
» Chairman of the Advisory Board of the Council of Ministers denies an audio recording attributed to h
» Installing GPRS systems in tankers transporting products to combat smuggling in Iraq