April 4, 2010Central Bank announces interest rate cut and the legal reserve of banks from today
BAGHDAD (Iba) .. قرر البنك المركزي العراقي تخفيض سعر الفائدة عل
Iraqi Central Bank has decided to reduce the interest rate on loans to banks from 7% to 6%, as well as reducing the legal reserve of banks from 25% to 20% from Sunday.
The interest rates offered by the Central Bank had reached 20% in 2007, to achieve its monetary policy to address the inflation by withdrawing liquidity, which triggered a wave of widespread criticism by the private sector, who accused the central block of investment to higher lending rates and the tendency of private banks to deposit its funds in pursuit of them to get high interest rates.
The private banks were demanding to reduce the legal reserve as hinder movement in the credit.
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