The central bank announces a position on the dollar and talks about "bad debts"

The central bank announces a position on the dollar and talks about "bad debts"




Economy  ,   2021/03/21 22:19  

Baghdad-Iraq today:

The Governor of the Central Bank, Mustafa Ghaleb Makhaif, announced, Sunday (March 21, 2021), about the effects of the reduction in the exchange of the dinar against the dollar, while noting that the Corona pandemic led to an increase in bad debts by a percentage during the past year.

“The Iraqi Central Bank has taken a series of measures to counter the effects of the Corona virus on the economy,” Mukhaif said during his participation in an electronic seminar in which his Jordanian counterpart Ziad Fariz and the President and President of the Bahrain Association of Banks, Mr. Adnan Yousef, and the head of the Iraqi and Arab Specialists and Experts Association, said, according to a statement.

He added, "The pandemic has led to an increase in bad debts by 18% during the year 2020, which requires taking treatments that simulate the data of the Iraqi reality, especially security and legal."

The central bank governor pointed out that "changing the exchange rate of the dinar against the dollar contributed to enhancing financial sustainability as a result of the high volume of foreign reserves and strengthening public finances, which increases investor reliability, lower production costs, increased competitiveness of domestic goods and a balance of payments balance through a decrease in the volume of foreign imports." .

He continued, "The biggest challenge is to reinvest the revenues generated from the process of reducing the exchange rate, which must contribute to building a production base outside the oil sector to act as a financial lever for the Iraqi economy and to rid it of the problem of a single financial resource."

For his part, the head of the Iraqi Private Banks Association, which organized the workshop, Wadih Al-Handal, said, "The Central Bank of Iraq has taken effective steps to confront the impact of the Corona virus, which include donating to support the health sector, postponing loan installments, reducing interest, and increasing loans to move the economy to all small projects. In addition to medium and large housing loans. "

He pointed out that "the Iraqi banking sector has taken a series of measures that alleviated the problems that faced those dealing with it," noting that "the Association of Private Banks is working with the Central Bank to develop the banking sector."




http://iraqtoday.com/news/49721/البنك-المركزي-يعلن-موقفا-بشأن-الدولار-ويتحدث-عن-الديون-المتعثرة