11:21 - 2022-09-27
Today, Tuesday, the Central Bank of Iraq announced its intention to issue a new denomination of the Iraqi currency, worth 20 thousand, while stressing that there is no intention of the Central Bank to change the exchange rate of the dollar.
The Governor of the Central Bank, Mustafa Mikhaif, said, “The central bank has no intention of reducing or changing the dollar exchange rate,” stressing that “Iraq is still in the early stages of reaping the positive effects of the exchange rate change, and there are some negative indicators that it is working to address during the coming period.”
He added that "the process of deleting zeros from the currency needs to legislate a law and requires some amendments, and the atmosphere must be available to accept such amendments," noting that "the central bank presented earlier a project on the process of deleting zeros."
He pointed out that “the Central Bank is working to complete a new category of 20 thousand dinars based on a study and research compared with neighboring countries and is working to complete the form of the paper and during the coming days it will be announced,” noting that “the Central Bank has reduced the interest rate on loans.” provided to finance projects, and that the initiatives largely targeted the housing sector, which occupies more than 30% in various sectors.
It is clear that “the Central Bank has a plan and strategy for five years, and it may be delayed due to what it faces in several areas,” noting that “the Central Bank has taken several steps to develop the banking and financial sectors, including canceling interest and setting simple fees for the development of industrial, residential and agricultural projects.”
He noted that "there are several measures taken in the field of the private banking sector, and they can be classified into three classifications, very good banks that have good relations and transactions, and there are good banks, and emerging banks," stressing that "there is a previous decision to convert banking companies into banks, and this affected the banks".
He continued, "All sectors are affected by the general situation in the country, especially the banking sector, whether political or security, and despite that the banking sector had a role in moving the wheel of the economy, especially in the housing sector in particular," stressing that "the Central Bank took the initiative to develop the banking sector and strengthen relations with banks." Arab and International.
And he indicated that "the Central Bank has distinguished relations with the World Bank and the IMF, and it has a strategy, and there is communication with the International Monetary Fund, and Iraq's openness with them is very important despite the challenges facing the country."
He pointed out that: "The Central Bank is now completing a new building designed by the architect, Zaha Hadid, and he has a branch in Basra province that covers the southern region, and we have Mosul in the northern region, and we have a branch in Kurdistan Region. The intention was to open a branch in the central region in Najaf, but within the bank's law." The central bank cannot establish a branch if it does not have its own land, and a piece of land has been allocated, and we are working to establish a branch in Najaf.
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