Iraqi Government has Increased Interest Rates in Iraqi Banks



On Saturday, a government source has informed that the Iraqi government has decided to increase the interest rate on the deposited amounts in the banks up to 18 percent.

He said that it would contribute to help the Iraqi government to meet the financial crisis in the country. The sourced also added in a press interview that government of Iraq has planned to execute a number of proposals to meet the challenge of financial crisis that is being experienced by the country. So, the Iraqi government has planned to increase the interest rate on the deposited amounts in the banks to 18 percent. He further added that this step would motivate Iraqi citizens to deposit their money into Iraqi banks.

The source further added that it would provide an ease to deal with current financial crisis due to continuous decline in the global oil prices. But, most of the Iraqi citizens and traders complained that ‘Dar Al Salam Bank Ahli’ is not processing for their deposited amounts under the appearance with new interest rate by the state. They appealed to the Iraqi Ministry of Finance to interfere in order to money exchange rate and they warned the disturbance in their businesses. The Iraqi religious authority also said that government of Iraq to engage the assistance of local and international banks to provide a perfect plan in order to overcome the current financial crisis issues in the country that are continuously increasing with every passing day. The Iraqi government should decrease unnecessary expenses for the interest of Iraqi citizens.

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