EFI complain overdue loans and higher interest by the central bank intends to reduce

2016-04-18 17:57:01 | (Voice of Iraq) - Baghdad

Declared the Iraqi Federation of Industries, on Monday, not to manufacturers for loans announced by the central bank so far, he promised that the interest imposed upon the proportion of "high" and it should be "zero", while the central bank revealed the possibility of reducing the interest rate , if approved by the Board of his administration on it.

The head of the Union Ali Sabih, said in an interview to the (long - Presse), said that "any industrial did not happen after the loan announced by the Central Bank of Iraq for the banks sector, including the Industrial Bank, of 33% of the total five trillion dinars , equivalent to nearly one billion and three hundred million dollars," noting that " the Union is working on this subject a year ago, and the industrial Bank is still waiting for the central bank raised the forms that allow covered access to those loans."

He attributed Sabih, reasons "delayed release of loans to" the fear of some of the decision - makers she went to the unallocated places, "returned to the" unreasonable to argue with such weak excuse and disable the entire sector while should sacrifice and move forward to fix it . "

The head of the Iraqi Federation of Industries, said : "What was allocated from the amount of the industrial sector can be a first step , although it is not commensurate with the size of the destruction that happened to him after the year 2003, especially that between 80 to 90 percent of the laboratories and factories Off , " noting that " the central bank imposed a coupon of four percent on industrial loans, rose two percent for industrial bank and the same for him."

He said Sabih that "those high interest and it should be zero because the industrial sector in Iraq is out of business for 13 years, suffering difficult circumstances, as well as the existence of unfair competition suffered by them as a result of flooding the local market to the imported goods and non - activating and supporting the laws of the domestic product . " .

For his part , revealed a source in the Iraqi Central Bank, all "approach to cut interest assessed on industrial loans to support this vital sector."

The source, who asked not to be named, said in an interview to the (long - Presse), said that " the Central Bank of Iraq intends to interest imposed on the industrial bank loans reduced , " noting that " the decision needs to be approved by the Board of Directors to take the legal form becomes feasible . " .

Referred to the Central Bank of Iraq, it announced in ( the eighth of August , the last in 2015), the launch of an initiative to support the agricultural, industrial, real estate and housing fund banks with loans amounting to five trillion dinars, for the recovery of the economic situation and support the productive sectors.