The Central Reserve exceeded 60 billion dollars and strengthened the state's financial capacity by 14 trillion dollars

01:43 - 24/10/2018

Baghdad - Mawazine News
The Central Bank of Iraq announced on Wednesday that the size of its reserves exceeded 60 billion dollars, pointing to the strengthening of the state's financial capacity of 14 trillion dollars.
"In line with the development 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 the situation," the bank's board said in a statement received by Mawazine News. Financial and economic development in Iraq ".
The statement added that "this optimism comes 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, These years, which brought data threatened the ability of the state to cover the operational expenses and salaries of employees.
"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 state's reserves sufficiently to meet international standards, Of the state by not less than (14) trillion dollars in the form of remittances discounted, which led to support financial stability and contribute effectively to overcome the crisis.
"As a continuation of the central role of the central bank as a pillar of the country's economy, the positive improvement in oil prices coupled with sound fiscal and monetary policies will enable the Iraqi government to early pay these remittances and increase the value of reserves to higher levels," he said.
The statement said that "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 and market prices under the circumstances of internal and external surrounding the complex," adding "play a central role in controlling the inflation rate and reach to lower levels below For (1%) to maintain the overall level of prices and attract investment. "
"The central bank is to ensure 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 so far exceeded two trillion dinars in addition to Other lending programs "

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https://www.iraqakhbar.com/1505899