The Central Bank announces the largest credit initiative in the history of Iraq and warns of the failure to pay 6 trillion
11:32 - 10/12/2018
Baghdad - Mawazine News
The acting central bank governor Ali al-Alak on Monday announced the largest credit initiative in Iraq's history, warning that the default of the payment of 6 trillions.
"The Iraqi Central Bank continues its successes in monetary stability by controlling inflation at its lowest levels and maintaining a high level of foreign currencies," he said in a speech with the launch of the fourth annual conference of the Central Bank of Iraq today in Baghdad.
He added that "the launch of financing small projects through a trillion and a half," pointing out that "this amount is the largest credit initiative in the history of Iraq."
"The Central Bank is currently working on syndicated loans and joint coordination with banks to finance important projects."
The bank said that "6 trillions out of 37 trillions faltering and was not paid by borrowers, which leads to the deduction of banks 2.5% of the losses of bad debts, which includes 16% of bank funds," noting that
"this stumbling in the payment of debt Affects banks and threatens their work." Ended 29 / a 43