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To the attention of the esteemed Prime Minister DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

To the attention of the esteemed Prime Minister

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To the attention of the esteemed Prime Minister Empty To the attention of the esteemed Prime Minister

Post by claud39 Tue May 19, 2020 6:24 pm

To the attention of the esteemed Prime Minister


To the attention of the esteemed Prime Minister 20882

Samir Al-Nassery *

The central bank is the savior for overcoming the economic crisis
Greetings, appreciation and respect

At a time when your country begins with its national career in leading the new government to overcome the chronic and emerging political, economic and health crises of the country, I found myself obliged as an economist, banker, follower and observer of economic and financial realities.

 To show before your eyes the role of effective economic institutions after 2003, especially during the years of economic and security shocks that Iraq has gone through with regard to managing the economy to achieve the goal of stability in the financial system and the monetary system, to achieve economic stability.

 It is noticed that there are failures, challenges, and hazy pages related to the loss of methodology, the lack of clarity of policies and programs, and the inconsistency of the strategies that were prepared in partnership with international organizations, Iraqi experts and consultants with the reality of the unilateral Iraqi economy, which mainly depends on the oil rents and what this caused to a structural defect in the economy due to the deficit in Non-oil revenue, deficit in the balance of payments, and continuous deficits in public budgets. 

Added to this is the mismanagement of public funds and the apparent weakness in the economic leadership of most ministries and government economic institutions, the failure to give an effective role to the private sector and a partnership in economic decision-making.

All the above failures, in addition to the economic stagnation, the drop in oil prices, the unstable business environment, the war on terrorism and the political tensions between the blocs and parties, led to insufficient visions to build a solid national economy capable of drawing the introduction to the transition to a market economy.

Despite all these challenges, there were bright spots, promising experiences, policies and procedures, and success experiences by some economic institutions during the lean years, clearly and effectively during the years (2015-2020).

 One of the most prominent bright points in this march is the experience of the Central Bank of Iraq in supporting the national economy while maintaining its independence, functions and goals defined in its Law 56 of 2004, and its contribution to supporting the national economy and state sadness, achieving economic resilience and promoting the decisive victory against terrorism. 

In addition to its procedures, executive and development policies, and building balanced relations with Arab, regional and foreign banks, and its liquidation (700), a negative note is established on the financial situation of Iraq by the Financial Working Group (FATF) and the observations in the World Bank reports on Iraq to assess the overall financial situation. 

Which the Central Bank was able to overcome and implement its strategy for the years (2016-2020), the results achieved on the scope of monetary policy applications internally and the persuasion of international financial institutions and organizations and what is confirmed by the official reports issued by them that confirm the success of the Central Bank policy in achieving an important transition to the Iraqi economy by leaving the gray area (Monitoring and reviewing) to regular follow-up.

And as far as we know we are interested in the economic, financial and banking affairs of the executive procedures of the means and tools of monetary policy applications, the bank has played a great role and a clear and prominent professional effort relying on its team and its national economic and financial cadres and its experts and its board of directors in supporting the national economy and strengthening the state treasury and its contributions and multiple initiatives to activate the economic cycle and enhance Liquidity with banks, payment of employee salaries, dues of contractors and farmers, reaching to extend coordination bridges between fiscal and monetary policies and proposing new economic and structural policies to prepare water Public budgets for the coming years and attempts to restore confidence in the banking system. 

The most important thing that has been achieved is the stability of the exchange rate of the local currency compared to the US dollar and the maintenance of adequate and excellent foreign exchange reserves in accordance with the standards of the International Monetary Fund.

The Central Bank administration has demonstrated its clear ability to interact, analyze work obstacles and create conditions to overcome challenges. Therefore, I call on you to interact with the bright economic points achieved by the Central Bank and to stimulate and support its steps to work and to make more fruitful efforts for the purpose of implementing what is stated in the government curriculum and completing the achievement of goals Its main and subsidiary strategy and achieving stability in the monetary system and thus achieving the achieved economic stability and building our national economy and achieving the welfare of society.

 Because the central bank has the keys to resolving crises and is the savior to overcome our current economic crisis .

* Economist and banker

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