AIN

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The Central Bank of Iraq announces decisions in light of financial distress

The Central Bank of Iraq said today, Wednesday, a statement that the Tigris showed to a copy of it: “In response to the economic conditions that our country is going through, and in order to contribute to alleviating the burdens of borrowers in light of the current financial distress, the Central Bank of Iraq decided to amend the time limit set within its own initiative By financing the housing fund and real estate bank loans (the five trillion initiative), so that the new time limit will be (15) years instead of (10) years, with a retroactive effect. ”

He stressed that “I will continue to take all necessary measures to contribute to creating a banking system capable of responding to the challenges of the financial crisis and crossing the Iraqi economy to safety.”

It was also indicated that the bank announced on August 8, 2015, the launch of an initiative to support the banks of the agricultural, industrial and real estate sectors and the Housing Fund with loans amounting to five trillion dinars to revive the economic situation and financial liquidity. Source