MntGoat shared a new cover photo today.
Iraqi banks undertake overdue reforms in preparation for the eventual project to delete the zeros
Simultaneously, Iraqi banks have undertaken additional measures to optimize the Iraqi economy. In the past weeks, government banks intensified calls for citizens to deposit their money in their bank branches instead of hoarding it at home.
In less than a week, state-owned Rafidain Bank raised the interest rate on deposited money from 4% to 5% so as to encourage people to deposit funds [with their] branches.
Rasheed Bank’s however, is paying a 7% interest rate on fixed deposits [TopMntGoatFan: CDs or “Certificates of Deposit”] for 2.5 years.
Rasheed Bank’s offer involves individuals, businesses, associations and other sectors.
According to the Central Bank, funds citizens have hoarded at home are estimated at 77% of those circulating in the local market.
More information in the next MntGoat Newsletter Tuesday January 5th 2021. See you then!