The government approved on Friday on raising the tax on interest rates for banks and depositors from 7% to 10% for three years as part of the 2019 draft austerity budget.

"It was somehow a long session, but it was very productive in terms of pending issues,, most of which were approved, namely raising the tax on interest for banks and individuals from 7% to 10% for a period of three years. " Information Minister Jamal Jarrah said following the Cabinet session at the Grand Serail.

"After this period, the tax will be returned to 7%, and if there is a further improvement, we could possibly reduce it to 5%," he added.