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Governor of the Central Bank: Reserves are re-increasing


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Governor of the Central Bank: Reserves are re-increasing

Post by rocky on Tue 27 Mar 2018, 4:34 am

[size=36]Governor of the Central Bank: Reserves are re-increasing[/size] 

  • [ltr]26/03/2018 21:20[/ltr]



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Baghdad / Range
The Central Bank of Iraq has succeeded in strengthening the country's reserves of hard currency and precious metals to more than fifty billion dollars, expected to continue this process with the improvement in the performance of the bank and recovery from the difficult situation experienced by the country with the collapse of oil prices and the invasion of a terrorist organization calling for a third of the country. 
In an interview with a number of media officials at the headquarters of the General Administration yesterday, the Governor of the Central Bank Ali Mohsen Al-Alak said that the reserve managed by the bank has been achieving a greater return than before, which is due to the diversification in the processes associated with its management and to the program to develop cadres, These operations by himself without intermediaries as it was in the past, and confirmed that the reserve amounted to 51 billion dollars today.
The reserves fell in 2016 to $ 43 billion in the circumstances that followed Iraq after the collapse of oil prices, the country's main source of income and the only source of hard currency, as well as a sweeping invasion, which covered one-third of the country and resulted in very poor social, economic and political conditions. The reserves were in the range of $ 77 billion in 2013. 
Al-Alak said that the bank has also been interested in recent years in the development of public and private banking. He said that he has completed the infrastructure of the smart card system, which is now ready to deal with it even through mobile phones, Government has agreed to pay the salaries of employees through banks through special accounts of staff, noting that some ministries have begun using this system, and stressed that the Bank 's plan to modernize the currency in circulation and the deletion of zeros.
Al-Alak pointed out that the bank did not allow him in previous circumstances to play his role in stimulating the national economy, he is working now in this direction, referring to the initiative launched by the Bank and the monitoring of 6 trillion and 500 billion dinars to lend to industrial and agricultural projects, including trillion and 500 billion JD for small projects. 
The central bank governor said that the bank also managed to address the situation of most of the troubled private banks and troubled, noting that the large international banks seeking to work in Iraq and referred to what he called the signs of the return of foreign investment to Iraq. 
On the external debt, al-Aalak stressed that it is still acceptable, pointing out that the external debt is mostly inherited from the previous regime (41 billion dollars) while foreign debt in this era is 29 billion dollars and internal 42 billion dollars.
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