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03 March 2024

Iraq to cut rates by 3% from March 1

By Agencies

Iraq's central bank said yesterday it will cut interest rates from 14 per cent to 11 per cent next month as slowing inflation gave it scope to help the country's economic growth.

The bank said in a statement the decision to cut rates came amid a "decline in the consumer price index in January and a desire to boost gross domestic product and combat unemployment".

The rate cut will take effect from March 1.

Last month, the bank cut interest rates by one percentage point in a bid to shore up economy and protect it from the financial crisis. The core inflation rate, which excludes spending on fuel, fell to an annual 9.2 per cent in January from 11.7 per cent in December.