Indicators of economic resilience and stability in the monetary system

Central banks in the countries of the world mainly aim to achieve monetary and financial stability through its programs and strategy aimed at maintaining stability in the exchange of local currencies against other foreign currencies and the construction of foreign reserves sufficient in accordance with international standards issued by the International Monetary Fund and the assessment of banks based on other criteria Economic and political shocks in their countries, controlling stable rates of inflation and interest rates, implementing compliance regulations and rules, combating money laundering and financing terrorism.


The march of the Central Bank of Iraq during the past four years proved that it is progressing steadily to achieve the above objectives.


This proves that Iraq has emerged from the monitoring and follow-up area to the regular follow-up area every two years like other banks in the world according to FATF.


Central Bank of the Arab Capital of the Year 2018 and occupy a global position ahead of the 2018 Global Finance magazine.


 Which we expect to be reflected in the efforts of the Central Bank and the Association of Banks and Banks to restore international banking relations with correspondent banks.


And because of international political changes, most notably US sanctions imposed on Iran and Turkey.


In order for the economic analysis to be accurate and non-radical for the reality of monetary stability in Iraq and the effects of the new shock (sanctions) expected on the exchange rate of the Iraqi dinar, which has been stable since 1/1/2018 and remains strong and stable despite international and domestic political shocks.


So that expectations are not taken too drastically and create a state of fear among the public and the banking sector.


From an economic and analytical perspective of the state of stability in the exchange rate and from a neutral and transparent point of view, we note that the high independence of the Central Bank and the availability of foreign reserves at an average and for determining the adequacy to cover the cash mass in circulation and to cover imports according to the standards of the International Monetary Fund as the foreign reserve is fully insured and occupies Iraq ranks fourth in the Arab world and is currently about $ 58 billion and grows day after day, in addition to the strength and recovery of the Iraqi dinar during the past seven months and deal wisely, responsibly and independently by the Central Bank will prevent from The impact of international conditions and sanctions on neighboring countries on the reality of monetary stability, which began to be achieved during the first half of this year with the assurance that the Central Bank does not fund a deficit in the budget but on the contrary is currently a surplus in the budget because of high oil prices and all represent the real guarantees to protect the exchange rate and confrontation This new shock.


And will be overcome and exceeded the economic and security shocks suffered by the Iraqi economy in previous years.




http://economy-news.net/content.php?id=13549