[via PDK] I think this is an important piece…. ”Iraq raises interest rates to 7.5% and the economic council is considering raising that rate” This is not the borrowing rate…this is the savings rate. They are paying 7.5 percent to get you to put your money in the bank. This does a couple things…it shores up their economy, stabilizes the consumer (not the government but the people) …So in Iraq they are putting the citizen ahead of the government. It also does something else very important. It streamlines any rate changes. With the money in the banks…they are not as worried about the money changers on the street… This makes it easier to do a re-valuation.
