CBI drops interest rate to 14%

BAGHDAD / IraqiNews.com: The Central Bank of Iraq (CBI) on Thursday announced a one percent cut in the lending rate, bringing it down to 14 percent as of January 4. “The decision has been made in view of the declining Consumer Price Index (CPI) in November 2008,” according to a statement received by IraqiNews.com. The step is expected to boost credit activity and to speed up the rate of economic growth in the country, the statement added. SS (P) 1