The Central Bank of Iraq (CBI) has reported an increase in foreign reserves to 148 trillion dinars [$113 billion] and deposits in the banking sector to 131 trillion dinars [$100 billion], which it says indicates a positive trend in monetary stability and financial growth.
According to the state-run Iraqi News Agency (INA), the CBI also announced the establishment of the National Company for Electronic Payment Systems, highlighting a strategic move towards modernizing and enhancing electronic payment infrastructure in Iraq.
INA quotes Deputy Governor Ammar Khalaf as saying that inflation in Iraq has fallen from 7.5 percent at the start of 2o23 to 4 percent at the end of 2023.
He added that Point of Sale (POS) devices increased from 10,000 in 2022 to over 20,000 in 2023, and ATMs from 2,223 in 2022 to roughly 3,000 in 2023,
Initiatives such as the establishment of Riyada Bank for SME financing and the strengthening of entities like the Deposit Insurance Company and Loan Guarantee Companyreflect the Central Bank’s commitment to supporting economic growth and financial inclusion, it added.
