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Successful monetary policies have prevented the Central Bank from being influenced by policy shifts

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Successful monetary policies have prevented the Central Bank from being influenced by policy shifts

Post by RamblerNash on Wed Oct 24, 2018 11:28 am

Successful monetary policies have prevented the Central Bank from being influenced by policy shifts

Central Bank of Iraq

Economy News Baghdad

Despite the political crises that plague the country from time to time, and the latest formation of the current government headed by Adel Abdul Mahdi and President Barham Saleh, the Iraqi Central Bank has remained steadfast through its monetary and monetary policies followed by the advice received from its strategic partners.

The Iraqi Central Bank announced on Wednesday that Iraq's foreign currency reserves amounted to 60 billion dollars due to the monetary and monetary policies adopted by the Central Bank to stabilize the financial situation after 2014.

"In line with the development of the democratic process in Iraq and the resulting rotation of the authorities in a positive and stable atmosphere, the Central Bank of Iraq looks forward to continuing to play its pivotal role in building the state to improve the financial and economic conditions in the country," the central bank said in a press release. Iraq".

He added that "this optimism is supported by the existence of strong financial reserves exceed the (60) billion US dollars as a result of fiscal and monetary policies pursued by the Central Bank over the past years to stabilize the financial situation in general and in particular in 2014 and the years that followed, where the financial situation was the lowest levels and came with data threatened The ability of the state to cover operating expenses and salaries of employees. "

He explained that "the Central Bank did not refrain from continuing to manage the reserves of the state adequately meets international standards, on the one hand, and strengthen the financial capabilities of the State not less than (16) trillion dinars in the form of remittances discounted, which led to support financial stability and contribute effectively to overcome the crisis "He said.

"As a continuation of the central role of the central bank as a pillar of the state economy, the positive improvement in oil prices accompanied by fiscal and monetary policies will enable the Iraqi government to pay early remittances and increase the value of reserves to higher levels."

He pointed out that "the monetary policy of the Central Bank will continue its effective role in maintaining exchange rates and reduce the gap between the official price and market prices under the circumstances of internal and external complex surroundings, in addition to playing a central role in controlling the inflation rate and reach levels below (% 1) to maintain the overall level of prices and attract investment.

The central bank concluded by saying, "The Central Bank is ensuring the safety of the financial system, it will continue to play this role and more effectively in the next phase as the state bank to promote the Iraqi economy and support for reconstruction and investment efforts, which was the implementation of the largest lending initiative for the housing sector so far Trillions of dinars in addition to other lending programs. "


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