Iraq raises the interest rate to 7.5%, and the Economic Council is considering increasing the rate

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[size=52]Iraq raises the interest rate to 7.5%, and the Economic Council is considering increasing the rate[/size]

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/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed on Monday that the interest rate for amounts deposited in banks had been raised to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the monetary mass outside the banks, while the Ministerial Council for the Iraqi Economy confirmed the study of increasing the interest rate on... Deposits.[/size]
[size=45]This came during the presidency of Iraqi Foreign Minister Fuad Hussein, the 31st session of the Ministerial Council for the Economy, in the presence of the Ministers of Planning, Finance, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Vice-President of the National Investment Authority, the Chairman of the Securities Commission, and advisors to the President. Ministers for Economic and Legal Affairs.[/size]
[size=45]According to a statement received by Shafaq News Agency, the Council hosted the Chairman of the Finance Committee in the Iraqi Parliament, Atwan Al-Atwani, and a number of committee members, to discuss the dollar exchange rates in Iraqi markets.[/size]
[size=45]The Governor of the Central Bank of Iraq, Ali Al-Alaq, provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq.[/size]
[size=45]Al-Alaq pointed out, according to the statement, that “the exchange rate depends mainly on imports, not on local production, and that the exchange rate in Iraq has peculiarities because it is linked to the price of oil, as it is the largest source of providing hard currency.”[/size]
[size=45]He explained that “many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries, internal trading in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling.”[/size]
[size=45]Al-Alaq added, “The level of inflation has decreased significantly and that the goods that enter officially are witnessing price stability, because imports are covered by the official price.”[/size]
[size=45]The Governor of the Central Bank pointed out the opening of a special lounge for private banks to sell dollars to travelers at Baghdad International Airport, and raising the interest rate for amounts deposited in banks to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the cash mass outside the banks.[/size]
[size=45]After objective and serious discussions, the head of the Ministerial Council for the Economy, Fouad Hussein, noted that “the Council will study in detail this important issue, and will follow up on the localization of salaries for all workers in the government sector, and then the mixed sector up to the private sector.”[/size]
[size=45]Hussein said, “The Ministerial Council will study increasing the interest rate on deposits,” adding: “We are looking forward to building basic future tools that will help the Central Bank and the Ministry of Finance assume their role in a manner commensurate with the nature of their work.”[/size]
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