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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Increasing the capital of the central bank enhances its balanced monetary policy

    Rocky
    Rocky
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    Increasing the capital of the central bank enhances its balanced monetary policy  Empty Increasing the capital of the central bank enhances its balanced monetary policy

    Post by Rocky Sun 22 May 2022, 5:51 am

    Increasing the capital of the central bank enhances its balanced monetary policy 

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    The Central Bank of Iraq announced the decision of its board of directors to increase its capital to 5 trillion dinars, an increase of 40% over its previous capital of 3 trillion dinars. 2 trillion dinars.
     From a specialized point of view, we see that this increase embodies the sobriety of the Central Bank and the solidity of its assets and will lead to the following:
    1- Following safe investment policies, which will raise the financial position of the Central Bank and enhance its credit position internationally and restore confidence in the Iraqi economy and its banking relations with international banks and financial institutions.
    2‐ Benefiting from the rise in global oil prices, reaching more than $100 per barrel, and building foreign cash reserves to cover imports and the local currency in circulation, and to maintain monetary and financial stability.
    3- The continuation of the Central Bank’s intervention in supporting the national economy and stimulating and revitalizing the economic cycle in conditions of challenges and crises, and this now requires the government to invest the abundance available to it during the first quarter of 2022, which exceeded 11 trillion dinars and is expected to reach more than 45 trillion dinars at the end of 2022 And the equivalent of (30-35) billion dollars to pay off the internal debt, which amounts to about 46 trillion dinars, for the account of the Central Bank only.
     4- Confronting the effects of reducing the exchange rate of the dinar and strengthening and activating the central financing and lending procedures and initiatives, which exceeded 15 trillion dinars during the years 2016-2022.
    And that all of these measures led to an improvement in the government’s financial position and a reduction in the actual deficit rates in the 2021 budget and the plan for 2022, which achieved the central bank’s goal as far as its tasks and objectives contained in its Law 56 of 2004, in particular preserving its independence and what was mentioned in the reform objectives of the banking sector in the white paper .
    All of this has clearly contributed to supporting the national economy and will give it flexibility and sufficient space to face the challenges that the economy suffers from for subjective and objective reasons.
    Thus, the Central Bank, with its distinguished national team and its wise management, will be able to achieve its main tasks and objectives and is now proceeding strongly, effectively and with rational steps to achieve the objectives of strengthening the economy and banks for sustainable development and economic stability.
    * Advisor to the Association of Iraqi Private Banks
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