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The Central Bank of Iraq and the banking sector, in accordance with their law and objectives, are a mainstay for building a free national economy that strengthens the foundations of the Iraqi state and pushes it towards the process of growth and economic stability.
Building this sector on scientific foundations with the use of modern technologies and reliance on the best national expertise contributes significantly to the development and investment program as the first financing link for small, medium and strategic projects during the past years until the present time .
The results of the developments, procedures and efforts made to support and stimulate the economy through rational use of monetary policy tools, safe investments and flexible and balanced applications with the complex economic problems that our country has suffered and suffers from, and the effects of economic closure, stagflation and changes in the global economy, especially the food and energy crises and the Corona pandemic
The war on terrorism and the Russian-Ukrainian war . Where the Central Bank announced that its foreign reserves amounted to 82 billion dollars and its reserves of gold amounted to more than 130 tons, which is the fourth in the Arab world and the tenth in the world .
The projects of the private sector out of the total credit granted to the private sector, which constitute more than 8% of the gross domestic product, up to 18.4% of the total actual investment spending during the years of the financing initiative, and 17% of the total private sector deposits .
And by analyzing the results of the implementation of the initiatives, as 10 trillion dinars were allocated to the Real Estate Bank and the Housing Fund, and 72% of it was implemented by 48 banks and 2 trillion dinars for agricultural and industrial bankers, and 18% and 3 trillion dinars were implemented for small, medium and housing projects, and 71% of them were implemented by 48 banks and 2 trillion dinars for projects The strategy that finances more than 20 billion dinars and 1 trillion dinars for renewable energy projects, in addition to supporting the state treasury with an amount of 50 trillion dinars, 30 trillion of them only in 2021 and 2022 by re-discounting treasury transfers issued by the finance. These measures opened the way for banks to work flexibly to contribute to support Investment is the main nerve of the wheel of development .
All studies and reports issued by the World Bank, the International Monetary Fund, the Ministry of Planning and the Central Bank of Iraq confirm this .
And in order to build a promising strategy to reform and develop the Iraqi banking sector for the years (2021-2023), the Central Bank established an ambitious mechanism that is consistent with the complex global and local economic crises for the purpose of maintaining the banking system in Iraq and protecting the national economy from collapse .
This requires the various relevant economic sectors to coordinate with and among the Central Bank and activate the role of financial policy, government banks and specialized banks, with an emphasis on developing foreign economic relations with the countries of the world with the development of economic and banking relations with international banks and relevant international and regional financial institutions and organizations.
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