PFC directed to reduce the interest rate on loans

Economy

20-04-2020, 13:17

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Baghdad - INA

The Parliamentary Finance Committee revealed a trend to reduce the interest rate on loans granted to citizens.

Member of the Committee, MP Ahmad Al-Saffar said in a statement to the Iraqi News Agency (INA), that the Finance Committee had previously hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss the interest rate on loans granted to citizens.

He added that the central bank is the main source of funds and it is the one who determines the interest rate, indicating that the financial benefits of loans are very high, given that the central bank has set a certain percentage and there are banks that take a commission of 1% to 2%.