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Providing liquidity: reducing interest from 4.8 to 3.5 for borrowers

Baghdad-Sharqia June 30: The Central Bank of Iraq decided to enhance the liquidity of the "existing projects" that were funded from the initiative of one trillion in the amount of 5 million dinars for those wishing to do so, with the guarantees of the same project in exchange for administrative commissions and without interest. The Central Bank also directed banks and guarantor companies to reduce interest from 4.8% To 3.5% for borrowers in tranche 1 to 20 million dinars, and to reduce the interest of bank loans from the 21 million to 1 billion dinars segment after it was 6.3% to 4%. The Central Bank also directed banks to take into account projects related to the tourism, hotels and restaurants sectors whose recovery might be prolonged by considering postponing their premiums for a longer period until they recover from the Corona crisis.   The bank stated that with the continued economic repercussions of the Corona pandemic and the restrictions imposed by it that curbed economic activity and the decline in oil revenues, he took these measures

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