Banks have started granting loans recently with maximum permissible interest rates. Al-Rai daily reported. Sources told the daily that some banks want to raise the loan interest to compensate for the recent rise in government deposit rates, which recently recorded 2.35 percent, the highest since the start of the Corona crisis. Sources also stated that some banks seek to influence all other banks, they want to standardize the rate of interest to the maximum limit.
Banking sources stated that there is widespread opposition to this agreement on the basis that estimating the interest rate is a relative matter that differs from one bank to another, and is determined by its policy in terms of granting loans, and just agreeing to unify the interest rate violates the Competition Protection Authority law.
Banks are currently granting personal and consumer loans for more than a year at rates ranging between 4.25 and 4.5 percent.
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