Parliamentary Finance: We will reconsider interest rates on bank loans for three categories

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Parliamentary Finance: We will reconsider interest rates on bank loans for three categories

Representative Mudar Al-Karawi, a member of the Parliamentary Finance Committee, announced on Monday that the committee plans to discuss revising interest rates for loans in three installments.

In an interview, Al-Karawi expressed that loans in all their forms play a crucial role in stimulating the economy and creating employment opportunities, particularly in the private sector. This is because most loans facilitate the establishment of various forms of private sector opportunities.

“He stated that loans given to retirees, people with limited income, and others should be treated differently in terms of reducing interest rates as much as possible. This is because the interest they currently bear is a significant financial burden that affects thousands of families.”

During a recent meeting, he mentioned that his committee would collaborate with relevant authorities to explore the option of re-evaluating the financial benefits offered to retirees. The goal is to provide greater flexibility and reduce the benefits on loans granted to them. The committee aims to develop a new vision that takes into account the needs of retirees and helps them manage their finances more effectively.

Iraqi banks offer financial loans in various forms, but the high interest rates burden many people.