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Monetary Policy Harvest (2016-2019)
On the occasion of the end of 2019, and due to the conditions of the popular movement, the legitimate demands of our people, instances of clashes in interests, visions, political tensions that our beloved Iraq is going through, the confusion of economic life in Baghdad and the central and southern governorates, and our reception for a new year whose paths and goals do not seem clear-cut and cloudy in many areas.
Therefore, through a neutral and transparent review, analysis and evaluation of the economic situation in Iraq in the light of monetary policy applications in implementation of the main and subsidiary objectives included in the strategy of the Central Bank for the years (2016-2020) and in particular what has been achieved from them during the past four years and the prospects for the requirements of stabilizing the positive results achieved and starting to implement a plan The bank in the year 2020 and the following years according to its stated vision in building the infrastructure of the banking sector and clarifying the opportunities available to banks, customers and investors, which include twenty-one strategic banking projects in the technical field and To finance, legal and developmental have been identified the type of project and the target results and the implementation period and from the point of view of a specialist in banking and close activity on banking mechanisms and the role of the supervisory and oversight of the Central Bank reached facts and signs and signals and achievements confirm that the central bank of Iraq proved to be effective economic organization in Iraq during the four years
After mid-2014 Iraq suffered from two security and economic shocks because of the war on terrorism on behalf of the world’s countries and the decrease in oil prices, the main supplier of Iraq, by more than 70%. Therefore, the economic institutions concerned in Iraq, most notably the Central Bank, had to stand up to these two shocks.
And since such confrontations have their norms and laws, in the military practice, the armed military forces can not achieve the victory over the enemy without there being a civil and economic effort supporting them and the most important effort and the most prominent effort that must be provided by the government and its apparatus and all the private sector is the effort and economic support that contributes to achieving Decisive military victory.
The most important and most important achievement of the state’s treasury support in the amount of $ 16 billion was achieved through monetary policy procedures and tools and achieving stability in the exchange rate since 1/1/2018 until now, despite the fact that countries passing through the conditions of demonstrations and crises did not withstand the exchange rates of their local currency, their value and purchasing power closed their banks and confused them Banking work, as happened in Lebanon, for example, and reducing inflation and maintaining its percentage less than (2%) and maintaining a foreign cash reserve exceeding $ 80 billion is sufficient by 160% as a cumulative accumulator according to the most urgent criterion of the International Monetary Fund with gold reserves within an excellent record rate Added to y As the adoption of standards and regulations consistent with the requirements of international standards in compliance and anti-money laundering and the financing of terrorism and to activate and consolidate new insights into applications of monetary policy The important thing to check is to reduce the gap between the official exchange rate of the US dollar and the parallel price, a goal fundamental of the goals of monetary policy despite the challenges
And the application of policies to restore confidence in the banking transactions of Iraqi banks with Arab and foreign banks and strive to build a solid banking sector and continue to make exceptional efforts to improve the bank's reputation with international financial institutions and organizations and correspondent banks.
And building strong relationships with Arab and foreign central banks and international financial organizations, as well as procedural, organizational, structural and internal development policies were drawn up that aim to achieve stability in the monetary system and develop banking work technically, structurally and organizationally and raise the proportion of financial inclusion to the target ratio where he prepared and put the financial and technical foundations appropriate to the reality The Iraqi economy and the mechanisms of banking work, which formed a solid base on the domestic and abroad scale.
In the meantime, I bless and congratulate the people of my Iraqi people, the peaceful movement of the people, and all their valiant military and security forces, from achieving victory over terrorism and eradicating it from the land of Iraq. With sincere wishes for a happy new year and to proceed with steadfast steps for radical and comprehensive economic reform and for the new government to be able to implement its tasks in the axis of strengthening the national economy and developing the government and private banking sector.
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