Central Bank Governor Ali Al-Alak expressed his optimism on Monday about the country’s financial situation, which is improving continuously.
“The financial situation in the country has begun to improve markedly because of high oil prices and fiscal discipline of the country, which is better than it was in the past,” he said.
“The state has great opportunities to improve control over government expenditures and increase non-oil revenues. There is still a step the government must take, but the financial commitment and discipline over the past period has been an important reason for the financial situation to be reversed,” he said.
He pointed out that “the position of the Central Bank during that period, which was working side by side with the government in order to overcome the embarrassing period that passed through Iraq.”
He pointed out that “the central bank’s reserves are good and in a state of mobility.” He pointed out that “the focus is on the level of adequacy of the reserve, according to the international standard for the local currency.