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 March 03, 2021
Amending the interest of the Central Bank’s initiative of (1) trillion dinars

 

 


Central bank 's keenness of Iraq on the note that the current exceptional circumstances related to the financial and economic side and the implications of a pandemic Corona, so decided that the bank "reduce all the benefits imposed on the loans granted including Bank initiative of the Iraqi Central of 1 trillion dinars , " as in the below:
1. The reduction of interest The Central Bank of Iraq for large projects to be (1%) instead of (2%)
2- Reducing interest for banks on housing loans to be (2%) instead of (4%)
3- Adjusting the Central Bank commission (for housing loans) to be (5 per thousand) Instead of (7 per thousand)
4- All interests for banks and guarantor companies are "diminishing".
 
 
The Central Bank of Iraq
    Information Office
    March 3, 2021
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The central bank decides to reduce all interest charged on loans

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  • Today, 09:02
 

BAGHDAD -
The Central Bank of Iraq announced today, Wednesday, that it will reduce the interest imposed on loans granted within the trillion dinars initiative.
The media office of the bank said in a statement received by the Iraqi News Agency (INA): "The Central Bank of Iraq is keen to observe the current exceptional circumstances related to the financial and economic aspect and the repercussions of the Corona pandemic."
He added that "it was decided to reduce all the interest imposed on loans granted within the initiative of the Central Bank of Iraq (1) trillion dinars," noting that "the interest of the Central Bank of Iraq for large projects will be reduced to be (1%) instead of (2%), and a reduction The interest for banks on housing loans to be (2%) instead of (4%).
The office continued that "the commission of the central bank (for housing loans) will be adjusted to be (5 per thousand) instead of (7 per thousand)," pointing out that "All benefits for banks and guarantors are diminishing

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CBI wants to stimulate economic growth.!

Interest rates have a direct effect on consumer behavior, impacting several facets of everyday life. When rates go down, borrowing becomes cheaper, making large purchases on credit more affordable, such as home mortgages, auto loans, and credit card expenses.

 

Go CBI 

Go economic growth 

Go RV

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The Central Bank reduces the interest of loans {The 1 trillion initiative »

 
  Baghdad: Morning
 
The Central Bank of Iraq reduced all interest imposed on loans granted under the initiative of (1) trillion dinars.
The bank’s media office stated, in a statement, that “the reduction came due to the central’s keenness to take into account the current exceptional circumstances related to the financial and economic aspect and the repercussions of the Corona pandemic.”
The statement clarified that he decided to “reduce the interest of the central bank for large projects to be (1%) instead of (2%), and to reduce the interest for banks on housing loans to be (2%) instead of (4%), and to adjust the central bank commission (for housing loans) to be (5 per thousand) instead of (7 per thousand), and all interests for the banks and guarantor companies are diminishing ».
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The General Secretariat clarifies the lending mechanisms for the Central Bank initiative

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Baghdad / NINA / The General Secretariat of the Council of Ministers has sent to the Central Bank of Iraq a mechanism for granting loans to projects without interest or reduced interest, by taking advantage of the amounts allocated to finance these projects, and supervising them in order to activate the private sector and facilitate its procedures.

According to a statement by the secretariat, the mechanisms stipulated that the Central Bank would present a vision about the success of the salary settlement project and overcome the challenges it faces in coordination with the competent banks, present it to the committee concerned with setting up mechanisms, and study the application reported in the Ministry of Labor and Social Affairs letter regarding the request to allocate an amount within the initiative of the Central Bank of Iraq to Labor Fund at the Ministry; In order to grant loans to the unemployed registered in the database, as well as to support the owners of creative and innovative projects, from technical and legal aspects, in coordination with the Ministry of Labor and Vocational Training Department, and to present the results of the study within two weeks.

The mechanisms also included studying the proposal of the advisory board and the comments of the competent banks regarding the accreditation of private banks on par with government banks in lending procedures and submitting the necessary proposals in this regard. / End 3

 
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Today, Thursday, the General Secretariat of the Council of Ministers sent to the Central Bank of Iraq a mechanism for granting loans to projects without interest or reduced interest by making use of the amounts allocated to finance these projects and supervising them with the aim of activating the private sector and facilitating its procedures.

The General Secretariat for Council of Ministers In a statement received by Alsumaria News, "The mechanisms stipulated that the Central Bank present a vision about the success of the salary settlement project and overcoming the challenges it faces in coordination with the competent banks, submitting it to the committee concerned with setting up the mechanisms, and studying the reported request in a letter Ministry of Labor And social affairs regarding the request to allocate an amount within the initiative The Central Bank of Iraq to me Labor Fund In the ministry; In order to grant loans to the unemployed registered in the database, as well as to support the owners of creative and innovative projects, from technical and legal aspects, in coordination with the Ministry of Labor and Vocational Training Department, and to present the results of the study within two weeks.
 
 
 

The statement added that "the mechanisms also included a study of the proposal of the advisory body and the notes of the competent banks on the adoption of private banks on par with government banks in the procedures for lending and to submit the necessary proposals regarding it."
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  • 3 weeks later...
 
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 Banks


Economy News _ Baghdad

The Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, discussed with the Iraqi Private Banks Association the mechanism of the Mutanabi Street development project, within the framework of the "Tamkeen" initiative launched by the Central Bank and the Association of Iraqi Private Banks.

The Secretary-General was briefed on the graphic display of the implementation stages of the project, which turns Al-Mutanabi Street into a unique cultural and heritage edifice at the country level, and includes the unification and numbering of its facades, as well as light engineering that mimics the Sumerian and Babylonian cultural heritage, as well as the establishment of modern entrances to the street, as a source of cultural and literary radiation in Iraq.

The Secretary-General called during his presidency of the meeting of the Coordination Committee of the "Tamkeen Fund" financed by private banks, according to a statement received by "Al-Eqtisad News", to expand the scope of the initiative to include more regions and cities, praising the initiatives launched by the Iraqi Private Banks Association, with the support of the Central Bank of Iraq. In coordination with the General Secretariat of the Council of Ministers.

He emphasized directing the ministries and relevant authorities to facilitate the implementation of the initiatives of the Central Bank and the Association of Iraqi Private Banks, lifting administrative obstacles and reducing any possible red tape. To complete projects on time.

For his part, the head of the Iraqi Private Banks Association, Wadih Al-Handal, reviewed the association’s role in the projects that were implemented through the Tamkeen Fund financed by private banks, and future projects planned within the subsequent periods, the most important of which are the development and rehabilitation of Al-Mutanabi Street, the Institute for Leadership Development, as well as the inclusion of a number of The provinces in the process of development and rehabilitation and the association’s contribution to treating critical cases outside Iraq.

 
 
Number of observations 386   Date of addendum 03/30/2021
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