Al-Rafidain bank grants 300,000 loans to employees

June 12, 2009 - 08:24:41

BAGHDAD / Aswat al-Iraq: Al-Rafidain bank granted 300,000 loans to employees and pensioners and 40,000 facilitated loans to fight the unemployment in cooperation with the ministry of social affairs, the director of the bank said Friday.

“The bank gave loans to around 300,000 employees and 40,000 facilitated loans to unemployed people in cooperation with the social affairs ministry,” Abdulhussein Abdulazim al-Yasseri told Aswat al-Iraq news agency.

“The bank started working on the loans program to establish special houses for employees and pensioners,” he added, noting that the number of families included in the program reached 4,000 families, each one was granted 50 million Iraqi dinars.http://en.aswataliraq.info/?p=114494

I assume they will adjust the loan amount to reflect the new rate? Any thoughts???

50 Mil?.....I severely hope they adjust the amount....yikes~!

I am sure it will be. I mean, how much is a loaf of bread or a gallon of milk? Figure the loan is about $50k USD right now. And they wont be trading it in for USD so I dont think it will be an issue. JMHO.

Sunny1 wrote:I am sure it will be. I mean, how much is a loaf of bread or a gallon of milk? Figure the loan is about $50k USD right now. And they wont be trading it in for USD so I dont think it will be an issue. JMHO.

Agree...they will adjust the loan to fit the new rate of the dinar...right now that is the program rate for the dinar and since it's just number in a computer and not hard currency...very easy to change.