Baghdad – IA
Today, Monday, Prime Minister Muhammad Shiaa Al-Sudani directed government banks to adopt simple decreasing interest on loans and advances.
A government source told the (INA), “Based on the directives of Prime Minister Muhammad Shia al-Sudani, to recalculate bank interest on loans and advances for all groups of society, including groups with limited income, through a plan and vision that reduces the burden of the citizen and enhances financial inclusion. The simple decreasing interest method was calculated instead of the fixed interest that was previously applied.
He added, “Accordingly, all government banks have adopted the new method of calculating the bank interest on those loans and advances to ensure positive flow in banking performance.”