VOL. XLVII

No 06

9-February-2004

IRAQ RECONSTRUCTION

And Announces Liberalization Of Interest Rates

The CBI also announced that it is completely liberalizing domestic interest rates, bringing to a halt the practise that prevailed under Saddam Husain of setting interest rates for loans and deposits in a certain range. Allowing interest rates to fluctuate according to market forces will provide incentives for Iraqis to deposit their savings in banks, earning them competitive rates of interest, said...