Economy News

  In Economy News

The Central Bank of Iraq announces the success of its efforts to reform the economic environment and achieve stability in prices

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that the Central Bank of Iraq has succeeded in reforming the economic environment and stabilizing prices.

In his speech at the IRAQ FINANCE EXPO and followed by Al-Iqtisad News, Al-Alaq said that the Central Bank of Iraq made efforts for the purpose of reforming the economic environment based on its goals contained in its law, which aims to achieve stability in local prices and work to maintain a stable financial system based on competition In the market, sustainable development, job creation and economic prosperity.

He added that the Central Bank worked as an independent professional institution to prepare its monetary policies and strategic plans that included dozens of different initiatives that resulted in the stability of the Iraqi dinar exchange rate and the decline and stability of annual inflation within low limits is less than 1% in addition to the stability of the interest rate monetary policy of 4%, which is Indicative rate that banks can use to determine the debt or credit interest rates that they pay or charge for the credit provided by them.

He emphasized that the Central Bank, in cooperation with the National Investment Commission, prepared instructions to enter the capital of foreign investors into Iraq for investment purposes and was put into practice, which contributed to the establishment of many investment projects in Iraq.

He noted that the management of foreign reserves in accordance with the standards issued by the International Monetary Fund and work to use them efficiently to serve the requirements of the Iraqi economy and the need of different citizens, which is to cover the issued currency and expected imports within the standards used internationally.

He pointed out that the Central Bank of Iraq launched a major initiative to support the housing sector, as it amounted to   more than 2 trillion funded through the Housing Fund and the Real Estate Bank.

He pointed out that the central bank has carried out a series of procedures in light of the financial crisis caused by the Corona virus, including reducing the legal reserve ratio from 15% to 13%, opening an account for the Ministry of Health to donate by all entities and providing an amount of 30 billion dinars in addition to 14 billion donated by banks and payment companies Electronic and exchange for the purpose of providing the requirements to cope with the epidemic of Corona. Source