Samir al-Nusairi: Rational management of the central bank and the sound application of monetary policy achieved economic resilience

The Iraqi Council of Representatives and the political and economic circles are preparing to evaluate the implementation of the government of Prime Minister Adel Abdul Mahdi from its government curriculum. In the midst of the ongoing discussions now requires the above to not separate between what has been achieved during the past years and what has been achieved during the year in which the government assumed the responsibility and bright points achieved by some of our economic and financial institutions during the economic and security shocks suffered by Iraq, which the Central Bank of Iraq had a leading and fundamental role In supporting the national economy and achieving economic resilience. In order not to overwhelm the rights of those who took direct responsibility to face those circumstances and difficulties and challenges. We visited the Association of Iraqi private banks and meet with an economic and banking personality experienced as close observer and follower and analyst and impartial procedures, achievements and exceptional efforts made by the Central Bank management in support of the economy and achieve economic resilience. In-depth dialogue with the Economic and Banking Advisor Samir Al-Nusairi who spoke, saying:

The support provided by the Central Bank to the national economy during the economic and security shocks suffered by Iraq due to the economic and financial crisis and the war on terrorism is a bright spot and an honorable experience of success in a country under harsh conditions and at a historical stage is the most difficult in facing the economic and security challenges that no country has experienced. In the world, such as what Iraq went through as the management of the Central Bank of Iraq and his team and cadres proved that they had a prominent role in promoting economic resilience and moving steadily towards economic stability.

 

- What are the steps taken by the Central Bank in drawing up its strategy?

 

Through the wise efforts and prudent measures in the application of monetary policy and development policies of the Central Bank in the difficult economic phase of Iraq were able to draw a strategy for the years (2016-2020) and a clear road map Human capital through significant achievements during the years (2015-2019) and still ongoing most notably: Maintain inflation by not more than 2% and a level of adequacy of foreign reserves within acceptable rates according to the latest criteria All of them (IMF) provided by the International Monetary Fund 0 by more than 160%, which is considered high enough internationally, as the foreign exchange reserves of Iraq amounted to 72 billion dollars until 30/6/2019, and maintain the stability of the exchange rate and stimulate the banking sector regulatory and supervision and control and the establishment of new units within Regulatory structures of banks, such as compliance, anti-money laundering, terrorist financing, credit and operational risk management, issuing money laundering law 39 for the year 2015, developing payment systems, implementing all retail and mobile payments, establishing a national exchange and working to implement international standards Financial 'reports in line with the principle of transparency and disclosure is added to the bank's efforts daily in stimulating financial inclusion processes and focus on the localization of the salaries of staff initiative for the purpose of raising the proportion of financial inclusion of the population who have no accounts in the banking system, which actually rose from 11% to 22%


According to the World Bank Bulletin. The Central Bank also announced recently to begin the completion of its investment banking projects for the years (2019-2023).

 

 

- What about the measures taken by the Central Bank for the purpose of restoring public confidence in the banking and financial sector in Iraq.

 

For the purpose of restoring confidence in the banking sector, the Bank re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance. The bank is taking its initiative to finance small and medium projects and is currently taking measures to implement the Cabinet Resolution 245 for the year 2019, the second axis of it paragraph (1) concerning facilitating investment and reconstruction operations and presenting a new initiative Satisfied with investment projects in addition to his supervision and leadership of community initiatives funded by banks such as the Baghdad project and support the Iraqi Drama Fund and the launch of Islamic finance pooled national financing for large projects and the establishment of a fund enable and take regulatory and structural measures and the establishment of a depository center in the Iraqi market for securities and the establishment of a national center for credit information. And the Iraqi Payment Council.

 

- What are the orientations of the Central to develop its relationship with the Arab and foreign financial institutions that have been chilly because of the financial crisis experienced by Iraq?

 

At the level of international banking relations, the Central Bank was able, with the exceptional efforts of the Governor and his team, to restore relations with Arab and foreign central banks and to deliver the achievements achieved during the past years to the ruling international financial institutions such as the Financial Action Organization, which contributed to the transition of Iraq's classification from gray to normal follow-up and finally out From the monitoring and follow-up area to enable him to meet the requirements of international standards in compliance with regulations and rules of compliance and combating money laundering and terrorist financing The report presented the achievements and organizational and structural developments, technical and compliance with international standards in financial reporting and the strengthening of confidence in the Iraqi economy and Iraq's ability to abide by international credit benefits and the praises of the World Bank, the International Monetary Fund and the Financial Action Group have had a clear impact in promoting economic resilience and financial victory and move confidently towards financial sustainability.

All the successes above make the Central Bank of Iraq and its team deserve the right word neutral service to our national economy and the Iraqi banking sector.


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