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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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    The role of unconventional monetary policy from the central bank in partial compensation for the imb

    Rocky
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    The role of unconventional monetary policy from the central bank in partial compensation for the imb Empty The role of unconventional monetary policy from the central bank in partial compensation for the imb

    Post by Rocky Sat 17 Jun 2023, 4:36 am

    The role of unconventional monetary policy from the central bank in partial compensation for the imbalance of macro policy

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      Dr.. Haitham Hamid Mutlaq Al-Mansour
     With the deepening of the phenomenon of inflationary stagnation, the trends in the developmental practice of central banks escalated, and the importance of monetary policy in its modern concept crystallized in its focus on creating the necessary flexibility to formulate strategic targeting in order to stimulate growth and achieve financial and monetary stability. The college aims to stimulate activity to influence the economic cycle, reallocate and distribute income in a manner consistent with economic and social stimulation and support in a vision supported by international experiences, and towards the following two axes:
     Emphasis on the role of traditional policies, the interest rate and the exchange rate in facing inflation and limiting the negative effects of the rise in the general level of prices.
    Entering into an unconventional policy to stimulate growth and achieve financial and monetary stability, balance between economic development, and give stimulants to the economy.
    The need for coordination between traditional and non-traditional monetary policy.
     Since the direction of the central bank's policy to build international partnerships since 2015 with major development institutions such as the German Agency for International Cooperation (giz), for example, to meet the needs and priorities of actual financing for small and medium enterprises in Iraq.
    Therefore, the Central Bank Governor, Dr. Ali Al-Alaq, announced the national lending strategy, which will see the light early next year 2024, to reveal the establishment of the Riyada Bank, which will represent the banking infrastructure for financing small and medium enterprises, with more than 12 billion dollars, which is distributed among the development of small projects medium, housing loans, renewable energy and other economic projects, in the agricultural, industrial and service fields, as they contribute 30% of the total credit to the private sector. It aims to facilitate bank lending in its various forms, which leads to creating a close relationship between the central bank’s policy tools Unconventional and its ultimate objectives, in the sense of strengthening the mechanism of transmission of the impact of unconventional monetary policy to the aggregate activity by raising the levels of aggregate supply compensating for import, especially in the targeted activities in the services sector, industry and agriculture to activate aggregate demand in the income loop.
     In light of the developmental support policies to stimulate the economy out of recession, the new policy is expected to target expansion in granting loans and granting facilities in light of the agreement with the International Monetary Fund and the World Bank within the non-financial development program that targets technical and advisory support for economic reform adopted by the Iraqi government. Especially after the US Treasury showed flexibility and readiness last April to assist the Central Bank of Iraq and Iraqi finance in achieving the strategic goals of the macroeconomic policy.
    Therefore, it is in the interest of the developing Iraqi economy to stimulate short and medium-term investment and link it to long-term investment ranges by pumping investment loans according to an expansionary monetary policy with specific economic and social goals, given that the problem of the Iraqi economy lies in the low levels of growth of non-oil GDP due to the sharp decline in The flexibility of the real sector and the inefficiency of the financial and monetary markets.
    Evaluating the benefit from the monetary expansion policy that supports the government's reform intervention program in order to push the economy on the path of growth and stability, can only be achieved after diagnosing a four-objective vision necessary for the success of the government reform program and the effectiveness of the non-traditional policy of the Central Bank, as follows:
    Ensuring that the goals of the financing policy are in the path of developing local productive capacity in the targeted sectors, which reduces the impact of the macro policy imbalance and increases the flexibility of non-oil GDP, which reduces government spending and reduces the overall inflationary pressure to the same extent.
    Linking the economic indicators of the aforementioned strategy using general objectives through its overall indicators of non-oil output, economic growth, employment, inflation, stability, growth and private capital accumulation, as well as moving the financial and money markets.
    Ensuring the productivity of the funds granted to the private banking sector and ensuring its close relationship with the use of those funds to meet the investment requirements in its production and service branches that are closely linked with long-term projects, in order to focus investment channels in accordance with the requirements of growth and development.
    Banking management circles and administrative referral joints for small and medium projects and all their money have a negative impact on the strength of implementation, whether the duration of project completion or its productivity.


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