The Kurdistan Government decides to extinguish bank interest on beneficiaries of agricultural loans
Shafaq News / The Ministry of Finance and Economy in the Kurdistan Regional Government decided on Sunday to exempt borrowers from the bank interest resulting from agricultural loans remaining in their ow, if they are paid during the current fiscal year 2025.
An official letter of the ministry, seen by Shafaq News Agency, addressed to the General Directorate of Specialized Banks, signed by the Minister of Finance and Economy, Awat Janab Nouri, stated that the Council of Ministers of the region issued an exemption on interest on agricultural loans.
The ministry’s decision was based on a letter of the Kurdistan Regional Council of Ministers No. 15786 dated 12/11/2024, which included three points, explaining that the first point includes approval of the exemption of debts arising from interest on agricultural loans granted to farmers who could not repay them due to the financial crisis.
The book added that the second point confirmed that the exemption included those who repaid the full amount of the loan and its interest remained at their charge, noting that the third point stressed that the borrower repays the loan during the fiscal year 2025 and it is covered by the exemption after paying the last installment of the loan amount.
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