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The Central Bank of Iraq confirms the continuation of his reformist approach to achieve financial and monetary stability

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The Central Bank of Iraq confirms the continuation of his reformist approach to achieve financial and monetary stability

Post by RamblerNash on Wed Oct 24, 2018 4:53 pm

The Central Bank of Iraq confirms the continuation of his reformist approach to achieve financial and monetary stability



Economic and Financial Advisor Samir Nusairi
 
24/10/2018

Samir Nusairi

The Board of Directors of the Central Bank today issued an important statement in which it noted the continuation of its efforts during the past years to achieve economic steadfastness in the circumstances of Iraq and faced economic and security shocks. Stressing that the central bank will work with care and dedication in order to achieve stability in the financial system and the monetary system in the next phase and maintain the achievements achieved during the economic and financial crisis in support of the national economy as a state bank. As the central banks in the countries Mainly aimed at achieving monetary and financial stability through its programs and strategy aimed at maintaining stability in the exchange of their local currencies against other foreign currencies and building sufficient foreign reserves in accordance with international standards issued by the International Monetary Fund. The banks are also evaluated according to other criteria related to the challenges and economic shocks Control of stable rates of inflation and interest rates, the application of compliance regulations and rules, and the fight against money laundering and terrorism financing. The Iraqi Central Bank's march over the last four years proved that it is progressing steadily to achieve the above objectives. This proves that Iraq has gone out of the monitoring and follow-up area to the regular follow-up area every two years, like other banks in the world according to FATF.The central bank has managed to maintain the dinar exchange rate against the US dollar during this year despite the economic and security challenges.

From an economic and analytical perspective of the state of stability in the exchange rate and from a neutral and transparent point of view, we note that the high independence of the Central Bank and the availability of foreign reserves at an average and for determining the adequacy to cover the cash mass in circulation and to cover imports according to the standards of the International Monetary Fund as the foreign reserve is fully insured and occupies Iraq ranks fourth in the Arab world and is currently about 60 billion dollars and grows day after day in addition to the strength and recovery of the Iraqi dinar and deal with wisdom and responsibility and independence by the Central Bank will prevent the impact of international conditions and On the other hand, there is a surplus in the budget because of the high oil prices, which will enable the government to pay the internal debt. All this represents the real guarantees for the success of the economic reform platform of the next government and the decree in the axis Third.


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