The Central Bank's strategic measures have increased confidence in the banking sector

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 The Central Bank's strategic measures have increased confidence in the banking sector Empty The Central Bank's strategic measures have increased confidence in the banking sector

Post  Admin on Thu Aug 08, 2019 9:20 am

7th August, 2019 by Samir al-Nasiri 

The Central Bank of Iraq issued a statement in which he confirmed the rise of total assets of the government and private banking sector to 120 trillion dinars 100 billion dollars in 2018 compared to 2017 and clearly indicates that this was achieved because of the strategic measures adopted by the Central Bank as part of its plan to restore confidence in the banking sector

In another statement, the bank stressed its keenness that commercial banks are committed in accordance with the Banking Law and its bylaws to the banking standards, controls and regulations in maintaining financial stability and not tolerating potential damages due to government decisions to support the private sector to reduce interest rates for contractors and investors whose payments were delayed by the government

The Orbiter and the Controller like banking and through the analysis of business results of banks for the years 2017 and 2018 and the first half of 2019 notes clearly the main role of the central bank executive, supervisory and regulatory procedures on the banking market in Iraq, according to the target in its strategy for the years 2016 - 2020

Total assets increased by 10% and total deposits to 14% in 2018 compared to 2017.  This is a sure criterion for the success of banks according to the Central Bank's plans to increase confidence in dealing with banks in addition to increasing the ratio of financial inclusion to more than 23% in light of international reports

This means that the financial position of the Iraqi banking sector is heading in the right direction towards the sobriety and transparency that he called for and worked to implement since July 2017 by the message of the Governor of the Central Bank addressed to banks We hope to achieve 100% in 2020

What confirms the correctness of the procedures of the Central Bank is to increase foreign cash reserves to $ 72 billion as of 30/6/2019, an indicator confirms its success in maintaining foreign reserves despite the economic and financial challenges suffered by Iraq and do not forget here the active role and supportive and supportive The Central Bank of the National Economy and its contribution to the stability of the exchange rate and thus restore confidence in the Iraqi economy and international banking transactions and its commitment to international banking and accounting standards, especially with regard to combating money laundering and terrorist financing


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