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Al-Rafidain confirms the adoption of a decreasing interest method on all loans instead of fixed ones
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Baghdad Today - Baghdad
Rafidain Bank confirmed, this evening, Tuesday, (April 2, 2024), the adoption of the decreasing interest method on all loans to individuals and institutions since the beginning of 2024.
The bank indicated in a statement, received by "Baghdad Today", that "the adoption of the decreasing interest method came instead of the fixed interest method that was previously in place, in a measure aimed at ensuring the provision of the best services to all segments of society."
On March 25, a government source revealed that the Prime Minister directed government banks to adopt simple decreasing interest on loans and advances and directed all government banks to adopt the simple decreasing interest method instead of fixed, based on the Prime Minister’s directive.
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