Al-Mashat: Monetary policy in Iraq is managed by three elements you know?

Economy 12:54 - 27/08/2019


Baghdad - Mawazine News
The Chairman of the Board of Directors of Arab Mashreq Bank Sadiq al-Mashat, Tuesday, that "the Central Bank of Iraq is a government institution exercising its functions within the legislative framework of the state, and has its own specificity in the implementation of independent decisions of monetary policy and achieve price stability, which must be consistent with the general economic policy of the state.


Al-Mashat said in a statement that "the role of the central bank is the issuance and management of currency, the State Bank and its agent and financial adviser, a fund in which the state retains its reserves and cash and financial savings," pointing out that "the central last resort for lending, and the observer to regulate credit and maintain the integrity of the financial center. To banks as a bank bank. "


He added: "If there is some kind of overlap or lack of clarity in any of the powers of all parties concerned, it should not be reflected in the stability of the general level of prices and the exchange rate of the national currency against other foreign currencies, and the commodity side of the national economy."


He pointed out that "monetary policy in Iraq is managed by three elements, two of which are under the direct disposal of the central currency auction, and interest rates on the dinar produced through the operations of the Central Bank, which is represented by the use of interest rate signal (central bank rate)."


He continued: "The third factor is the volume of foreign currency flows realized from Iraqi oil exports subject to fluctuations in crude prices in world markets, which in turn paint the features of public spending."




https://www.mawazin.net/Details.aspx?Jimare=62104