Al-Kadhimi: The decision to increase the interest rate will activate the banking system inside Iraq
Al-Kadhimi: The decision to increase the interest rate will activate the banking system inside Iraq
10-17-2023
Information / Baghdad..
Today, Tuesday, the Parliamentary Finance Committee considered the decision of the Central Bank of Iraq to raise the interest rate for bank depositors as a correct direction towards revitalizing and organizing the banking system.
A member of the Finance Committee, Moeen Al-Kadhimi, said in a statement to Al-Maalomah, “The Central Bank’s decision to increase the interest rate falls within banking reform measures and in implementation of Prime Minister Muhammad Shia’a Al-Sudani’s directive to move towards organizing and revitalizing the banking system in Iraq.”
He added, “The decision to raise the interest rate will certainly encourage citizens to deposit in banks, which will stimulate financial movement and turn to investment projects, in addition to its positive repercussions by reducing the exchange rate of the dollar against the Iraqi dinar.”
Al-Kadhimi pointed out that “the Central Bank of Iraq is moving towards real automation in financial transactions inside Iraq.”
Yesterday, Monday, during the 31st session of the Ministerial Council for the Economy, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced raising the interest rate for amounts deposited in banks to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the cash mass outside the banks.
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