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CBI NEWS 12/03/2020

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The central bank issues new instructions for loans in excess of one billion dinars

The Central Bank of Iraq
  
 http://economy-news.net/content.php?id=19280
Economy News - Baghdad:

The Central Bank of Iraq issued new instructions for loans in excess of one billion dinars.

A statement of the bank received by "Al-Iqtisad News" stated that "with the aim of moving the wheel of the Iraqi economy and supporting productive projects, the Central Bank of Iraq issued new instructions concerning loans that exceed one billion dinars within the initiative (one trillion dinars) to finance small and medium projects."

The statement added that "one of the most prominent things included in the instructions is that the financing period become (10) years as a maximum, and that the time limit does not exceed (3) years, while the interest of the Central Bank will be (2%) annually (decreasing) and calculated from the date the amount goes down in The bank account, and to be paid within the monthly installment deducted from the bank, while the interest of the bank (the financing owner) will be (2%) annually as a maximum.

The Central Bank of Iraq instructed in its instructions to "not allow the financing of the project that was previously funded from the same initiative as the determination of the lending and delinquency period is subject to the reliance on the submitted feasibility study and the opinion of the committee concerned with this type of financing."

The Central Bank emphasized that "the credit study of the bank must include all administrative commissions that the bank collects from the customer and are listed in the bank commissions list starting from the date of opening the account and until the funding is granted to him, taking into account that they are one-time throughout the financing period and the committee has the right to reduce the amounts from them." .

Number of views 76 Date added 12/03/2020

Edited by 6ly410
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Reducing the Iraqi dinar exchange rate - determinants and alternatives -https://cbi.iq/news/view/1463

Reducing the Iraqi dinar exchange rate - determinants and alternatives -
(A study by Mr. Ali Mohsen Ismail, Governor of the Central Bank of Iraq) ... To see it, click here
 

 

 

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Edited by 6ly410
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The cbi is on the move.. same with all private banks... wow let’s go IQD

Edited by 6ly410
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Got this from the article in the link.
 

”Devaluation: It is the devaluation of the official exchange rate of that currency against an international reference currency, as the number of units of foreign currency that can be obtained against a unit of the national currency decreases, but in the case of Iraq, this is intended to reduce the value of the Iraqi dinar against the dollar American, which differs from the low exchange rate (Depreciation) subject to the mechanism of supply and demand in the market.”


Is interesting that Dr. Ali Mohsen, CBI Governor is talking about reducing  the value of the Iraqi dinar against the dollar.

 

Go RV

 

 

 

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"subject to the mechanism of supply and demand in the market.”..this should be talked about because supply n demand are what drive the value of the Iraqi dinar

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I'm surprised that Alak came out against devaluing of the Iraqi dinar. If he isn't for it now the question is what is he going to do? Will he leave it as is or will he increase it and by how much? Only time will tell.

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