The central bank is moving at a steady pace to support and revitalize the economy

Update 06/25/2022 - 9:19 PM

Samir Al-Nusairi
  
By analyzing the speech of the Governor of the Central Bank, which he delivered at the opening of the (specialized workshop on climate change, desertification and national security), which was held in Baghdad on 06/16/2022, it becomes clear according to indicators and data

The official fiscal year for 2021 and the first half of this year “that the Central Bank had an important role in supporting and stimulating the economy and revitalizing the economic cycle and in achieving macroeconomic balance and its reflection on achieving the growth rate indicated by the World Bank report, which is 2.8% in GDP He expected that the economic growth in Iraq for this year would develop if Iraq maintained the wise disposal of the financial abundance achieved from the increase in oil prices and issued its budget for the mentioned year according to the indicators of economic recovery. Certainly, this recovery was for the Central Bank and the applications of its monetary policy and initiatives, which totaled 17 trillion dinars.

Which contributed to the establishment and operation of 11,000 small, medium and large projects, the employment of more than 40,000 unemployed people, and the amounts of support it provided to the government during crises in 2020 and 2021, amounting to 30 trillion dinars, through various monetary policy tools, by re-discounting the treasury transfers issued by the finance .

And through our follow-up to the procedures, policies, activities and initiatives of the Central Bank, and through the analysis of data and evaluation indicators for the specialized departments of the Bank, and the implementation of the banking reform program specified in the second strategy of the Central Bank for the years 2021-2023

We have confirmed the success of the development, lending and financing steps of the Central Bank, which are a number of reform measures that were planned and put into practice, which were accompanied by the decision to reduce the exchange rate of the dinar in order to alleviate the burdens that citizens with low incomes are expected to suffer and for the purpose of creating monetary balance in the trading market, which resulted in Recovery, stability and relative growth in the economy, as indicated in the latest World Bank report

In addition to facing the repercussions that can occur as a general situation facing countries that reduce the exchange rate of their local currency and investing in positive cases to strengthen the financial position of the government, reduce the budget deficit and overcome the causes of internal and external borrowing, in addition to protecting and supporting the local product and increasing external cash reserves, which reached the limits of 74 billion dollars .

Activating the real sector and gradually reducing dependence on oil rents. This requires the issuance of the 2022 budget, coordination between the fiscal and monetary policies, and the government taking it upon itself to make its fiscal policy clear, distributing the tasks of implementing its reform plan to the relevant ministries, activating the implementation of investment projects, achieving food and drug security for citizens, and reducing unemployment and inflation. This is achieved by multiple sources of income. The national revolution in agricultural, industrial and commercial policies .

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