The Central Bank issues a statement on Iraq's cash reserves

24-10-2018 02:09 PM

The Board of Directors of the Central Bank of Iraq, on Wednesday, a statement on the reserves of Iraq, indicating that he exceeded the 60 billion dollars.

"In line with the evolution of the democratic process in Iraq and the resulting rotation of the authorities in a positive and stable atmosphere, the Central Bank of Iraq looks forward to continuing to play its pivotal role in building the state to improve financial and economic conditions," the Central Bank said in a statement. Iraq'.

He added: "This optimism is supported by the existence of strong financial reserves exceed (60) billion US dollars as a result of fiscal and monetary policies pursued by the Central Bank over the past years to stabilize the financial situation in general and in particular in 2014 and the years that followed, That 'these years, which came with data threatened the ability of the state to cover the operational expenses and salaries of employees'.

"However, the central bank's interventions, despite the difficult circumstances of low oil prices and the high cost of Iraq's war against the terrorist campaign to liberate its territory, the central bank continued to manage the country's reserves sufficiently to meet international standards, The state's financial capabilities of at least (14) trillion dollars in the form of remittances discounted, which led to support financial stability and contribute effectively to overcome the crisis.

He continued: 'Continuing the central role of the central bank as a pillar of the state economy, the positive improvement in oil prices accompanied by fiscal and monetary policies, will enable the Iraqi government to pay early remittances and increase the value of reserves to higher levels.'

He concluded: 'The monetary policy of the Central Bank will continue to play an effective role in maintaining exchange rates and reduce the gap between the official price approved and market prices under the circumstances of internal and external complex surroundings, in addition to play a central role in controlling the inflation rate and reach levels below ( % 1) to maintain the overall level of prices and attract investment. As the central bank ensures the safety of the financial system, it will continue to play this role and more effectively in the next phase as the bank of the State to promote the Iraqi economy and support for reconstruction and investment efforts, which was the implementation of the largest lending initiative for the housing sector has exceeded two trillion dinars and other lending programs '.


https://www.iraqakhbar.com/1505959