Iraqi Dinar Discussion Board

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CBI reduces interest rate Sun. CBI reduces interest rate Sun.
April 3, 2010 - 05:40:56
BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) on Saturday said it would reduce the interest rate from 7% to 6%, as well as the banks’ legal reserves from 25% to 20% as of this Sunday.
“The CBI has decided to reduce the interest rate on loans from 7% to 6% as of tomorrow,” a CBI advisor, Madhhar Mohammed Saleh, told Aswat al-Iraq news agency.
The private banks’ legal reserves will also be reduced from 25% to 20%, Saleh noted.
Interest rate reached 20% in 2007 as part of a CBI policy to contain inflation, sparking a wave of criticism by the private sector, which accused the central bank of obstructing investment in the country.

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