CBI to cut interest rate by 3%

BAGHDAD / IraqiNews.com: The Central Bank of Iraq (CBI) on Monday decided to slash the interest rate by three percentage points in an attempt to sustain high growth rates in the Gross Domestic Product (GDP), according to a bank release. “As of March 1, 2009, the Central Bank will reduce the interest rate from 14 percent to 11 percent,” read the statement that was received by IraqiNews.com news agency. The CBI cut interest rates from 16 percent down to 15 percent in early November 2008 and then to 14 percent in early January 2009. SS (P) 1