CBI reduces interest rate by 1%

BAGHDAD / IraqiNews.com: The Central Bank of Iraq (CBI) on Sunday announced a new interest rate of 15 percent per year as of November 3.   “The Central Bank of Iraq (CBI) has decided to reduce its monetary policy rate from 16 percent to 15 percent, as of November 3, 2008, affecting both deposit and lending rates,” according to a CBI statement received by IraqiNews.com. Citing the increase in the annual basic inflation index in September 2008 in comparison with August of the same year, the statement noted that Iraq is still affected by the international price shock that pushed up the prices of all goods and products, particularly foodstuffs, whose prices went up by over 6 percent in last September in comparison to August of the same year.   SS (P)/SR 1