Alforat News

The central bank reveals a jump in its reserve of the dollar

The director of payments in the Central Bank of Iraq, Suha Abdul Karim, confirmed that the bank has succeeded in controlling the level of inflation and maintaining prices, maintaining the purchasing power of the national currency, controlling the exchange rate and closing the gap between the official price and the market price.

“Foreign exchange reserves increased from $ 40 billion to $ 62 billion, diversifying the currency basket to support the balance of payments and facing economic crises,” Abdul Karim told a press briefing. “The Ministry of Finance has coordinated with the Ministry of Finance to manage the public debt to support the budget and finance the deficit during the financial crisis that has passed. In Iraq because of the drop in oil prices, the issuance of national bonds in the international financial market worth $ 2 billion, as well as the provision of new products to invest liquidity of commercial banks and investment and support profitability.

She pointed out that “the last period saw the issuance of bonds for the receivables of contractors after being audited by the Ministry of Planning and the Federal Financial Control Bureau, as well as the issuance of bonds to farmers on behalf of the Ministry of Finance and this move reflects a shift in a broader vision of government public debt management by the financial authority and monetary authority “He said.

“The standardization of the sukuk security standards to increase confidence in exchange and encourage traders to deal with electronic payments instead of cash, and electronic payment companies in order to support electronic operations and the issuance of license cards payment to banks, as well as linking banks and sites of the Central Bank of Iraq with data centers bank by cable To enhance the infrastructure of the banking sector, and increase the security of information and networks on the speed of data transmission of large sizes.

In addition to enhancing the principle of financial coverage of banking services for the largest segment of the population, “the project of localization of salaries for all employees of the public sector through the transfer of salaries to bank accounts of employees, as well as easy receipt and withdrawal of salaries through available payment channels, bank branches, ATMs – Point of sale, and enjoy the many advantages of bank accounts. Source