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The foreign reserves of the Central Bank of Iraq are growing in 2019


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 The foreign reserves of the Central Bank of Iraq are growing in 2019 Empty The foreign reserves of the Central Bank of Iraq are growing in 2019

Post by rocky on Thu 20 Feb 2020, 2:56 am

 The foreign reserves of the Central Bank of Iraq are growing in 2019

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Samir Al-Nassery
The Central Bank of Iraq issued a press release on the annual report on the performance of foreign reserves for 2019 in line with the strategy and the principle of disclosure and transparency that the Central Bank is working on in international banking transactions. As the annual report shows that foreign reserves achieved a growth of 5.52% compared to 2018.
On the level of investment portfolios, their value achieved a net growth of 18.4% compared to 2018, accompanied by a growth in returns to investment portfolios by 59%.
The statement pointed out that the gold reserves had achieved a growth rate of 18.8% and Iraq ranked 38 globally and 5 Arabs and a total balance of 96.3 tons.
The annual report for 2019 also confirmed that the growth rates achieved in foreign reserves were in line with the central bank's plan to enhance returns and build capacity in the field of self-management of reserves. Therefore, during the year 2019, the bank established international banking relations and entered into agreements and memoranda of understanding with international banks classified and institutions Solid finance, the International Bank for Reconstruction and Development, the Arab Monetary Fund and international institutions concerned with investment management.
This has had a great impact on achieving economic resilience and, consequently, the financial victory in complex circumstances that have continued over the past five years.
The follower and the specialist are well aware that access to these rates of foreign reserves is due to the central bank adopting safe investment policies, which strengthened the credit position internationally and restored confidence in the Iraqi economy and its international banking relationships.
In addition, what the Central Bank accomplished in 2019 confirms the integrity and success of its strategy for the years (2016-2020). And the achievements achieved in the financing activity and activating its initiative to finance small and medium projects and raising the loan ceiling to one billion dinars for each project within the objectives of the initiative in stimulating the economic cycle and supporting the implementation of the objectives of the desired economic reform and strengthening the economy and achieving the goal of banks as a development lever.
Therefore, the bank is currently working on direct Islamic pooled financing for government and private banks. In addition to that, the implementation of societal initiatives is expanded from the Fund for Empowering National Effective Experience in integrating the banking sector with society and achieving the goal of social, economic and humanitarian banks.
The clear evidence that can never be covered is the continuation and perpetuation of the stability of the exchange rate over a period of two years and maintaining the inflation rate of less than 2%. Thus, the Central Bank, with its distinguished and national work team, was able to achieve its goals set out in its Law 56 of 2004, which is to build foreign reserves, reduce inflation and maintain The stability of the exchange rate. The Central Bank is currently actively and aggressively achieving the goals of strengthening the economy and banks for development.

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