Parliamentary Scrutiny on Central Bank’s Interest Rate Increase for Ki Card
A member of the House of Representatives, Kazem Al-Fayyad, announced on February 14, 2025, that there is an ongoing parliamentary initiative aimed at understanding the rationale behind the Central Bank of Iraq’s decision to raise the interest ceiling associated with the Ki Card.
Al-Fayyad indicated that Parliament intends to engage its relevant committees to investigate the reasons for this increase, particularly its implications for employees and retirees. He emphasized that there appears to be no justifiable grounds for the raised interest rate, especially given that existing benefits are already elevated.
This recent action may impose additional financial strain on already modest salaries and retirement pensions. Al-Fayyad asserted that reforms implemented by the Central Bank should prioritize citizen welfare and enhance their monthly financial income, rather than catering to corporate interests. He confirmed that the House of Representatives would take a definitive stance on this matter when sessions resume next week.
In a related context, the Anti-Corruption Committee has successfully recovered over 13 billion Iraqi dinars from the Ki Card, reflecting profits from Al-Rashed Bank spanning back to 2014. This recovery was initiated due to concerns over the finalization of profits at year’s end.
Furthermore, on January 24, 2021, the Anti-Corruption Court in Iraq sentenced the Director of Ki Card to a four-year prison term due to significant fraud charges.
This increasing focus on the Central Bank’s policies and the actions of the Anti-Corruption Committee underscores a broader commitment to financial accountability and transparency in Iraq’s economic landscape. As these developments unfold, the impact on citizens’ financial stability and the overarching economic environment will be closely monitored by governmental bodies and the public alike.
