Nusseiri: The implementation of the strategy of the Central Bank contributed to the improvement of the dinar exchange rate against the dollar

Nusseiri: The implementation of the strategy of the Central Bank contributed to the improvement of the dinar exchange rate against the dollar



02/26/2018

Economy News _ Baghdad

The economic and banking adviser to the Association of Iraqi Private Banks Samir Nusairi, said that the central bank and the banking sector played a key role in overcoming the economic and financial crisis, and support the state treasury and methods and procedures and new instruments in the applications of monetary policy.

Al-Nusairi said in an interview with "Economy News" that "the Central Bank has worked mainly on combating money laundering and financing of terrorism, strict adherence to international regulations, rules and standards, re-evaluation and classification of banks in light of their compliance with compliance regulations and determining the last beneficiary in the window of sale of foreign currency and work mechanisms New in the proactive control internally and externally led to higher value and purchasing power of the Iraqi dinar against the dollar exchange rate, "noting that" the most prominent reasons for the recovery of the Iraqi dinar is the plan and procedures of the Central Bank and cooperation with the banking sector and the commitment to Died and standards issued by the Central Bank. "

"The Iraqi banking sector is the first major link in the economic circles of Iraq and occupies a fundamental and important aspect as the financial and investment sector, which is the main part of the financing and management of economies."

He pointed out that "the Iraqi economy, and because of the circumstances experienced during the past three years of the fall of oil prices by a sudden 70%, the costs of the war on terrorism and the economic recession and the unstable business environment in Iraq, led to the passage of this sector with great challenges did not pass any sectors of banking In the region, "pointing out that" this sector, both government and private under the leadership of the Central Bank of Iraq has faced these challenges pilot experience must be followed and taught because what has been achieved is a major development and victory we call in Iraq financial victory and economic steadfastness. "

"We aim for the next five years in the sustainable development plan for the years 2018-2022 to achieve financial sustainability," he said, pointing out that "the government and private banking sector plays a key role in achieving this."

"The banking sector is composed of 72 banks, 7 of which are government and 65 private banks, and the number of know the banks inside and outside Iraq up to 1068 branches."

He pointed out that "during the past 5 years from 2013 to 2017, we note that the capital of the Iraqi banking sector grew by 98%," noting that "the total assets of the banking sector grew by 15.7%, and deposits, which constitute the basis of liquidity of the banking sector grew by 154% While monetary credit grew, ie loans granted to customers and the Iraqi citizen by 77.5%.

He pointed out that "the developments in the banking sector indicate the efficiency of the performance of this sector trends that are reflected on the gross domestic product," pointing out that "the various economic sectors, including the Iraqi banking sector, which is the first link in the economy indicator of measuring the efficiency of its performance is the extent of its contribution to gross domestic product "He said, adding that" despite this development in the sector, its contribution to gross domestic product is not the level of contributions of the regional countries that preceded us. "

He added that "in view of the reports of the International Monetary Fund and the World Bank, which indicates that the contribution of cash credit to the gross domestic product in Iraq does not exceed 8%, compared to the Middle East and East Africa by 55%," adding that "

He added that "the oil revenue constitutes 95% of the revenues allocated in the budget and therefore affected Iraq significantly during the decline in oil prices," He

added that "the policy of this central bank contributed to pay the dues of farmers and contractors and played a key role in the launch of the initiative to finance small and medium enterprises and this initiative "The central bank has followed this bold and deliberate step in order to activate the economic cycle because this initiative achieves two objectives: the first is economic and the other is social," he said.

He stressed that "the banking sector is part of the strategy of the Central Bank during the five years 2016-2020, which includes developments in the structural and evolutionary and in compliance with international standards in risk management, compliance and in combating money laundering and banking awareness," pointing out that " The Central Bank of Iraq standards for the classification of banks with the classification of a and b and c This is a connotation of international standards issued by the Financial Action Organization All this helped Iraq to move in the light of the arrangement of this organization from the gray area to the follow-up area and we hope in 2018 to move to another advanced stage in which credit rating improves For Iraq ".

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