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Central Bank: 113 billion dollars in our foreign reserves... These are the statistics of electronic payment tools
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[rtl]Baghdad / NINA / - The Central Bank of Iraq revealed the size of its foreign reserves, and also disclosed the achieved statistics of monetary policy from electronic payment tools.
The Deputy Governor of the Bank, Ammar Khalaf, said, during the opening of the activities of the annual exhibition and conference for finance and banking services today, Saturday, on the grounds of the Baghdad International Fair, “This year has witnessed many changes since the launch of the electronic platform for external transfers, and the Central Bank has worked hard through the window to adjust the exchange rate rhythm in all changes.” that you have seen.”
He added: “There are many opportunities for the Iraqi economy, including the growth of the gross domestic product, and the achievement of a surplus in the general budget affected by the rise in global oil prices and the rise in the volume of deposits and credit in general, as well as the increase in the foreign reserves of the Central Bank of Iraq, which amounted to about 113 billion dollars now,” noting that “All these factors represent opportunities for the Central Bank of Iraq and all ministries and the private sector as well as contribute more to adapting economic growth in Iraq.”
He went on to say, "Despite the existence of these opportunities, there are many challenges, including the approval of the general budget law of a very large size, in which public expenditures reach 198 billion dinars as planned for this year, and also with A deficit amounting to 64 trillion dinars, and this in itself is a challenge for the economy in general and the central bank. In particular
. pressure on the various monetary policy tools."
He explained, "In the previous edition of the fifth annual conference, we mentioned the importance of electronic payment and what it represents as an important tool for achieving economic growth, financial inclusion and depth, and there must be a compulsion to adopt its tools, which have been achieved this year through the great support of the Iraqi government.” The current efforts launched by the Central Bank of Iraq, including forcing public and private institutions to use electronic payment tools, as we have recently witnessed a great movement by the public and private sectors in adopting electronic payment tools to achieve economic growth and manage financial affairs in Iraq.
And the Deputy Governor of the Central Bank confirmed, “There is an increase and rise in electronic payment tools, including an increase in the number of different cards from 6 million to 16 million cards, as well as an increase in the number of electronic payment devices from 918 devices to more than 10 thousand devices, as well as an increase in the number of ATMs.” The number of electronic wallets increased from 656 to more than two thousand devices, and it is constantly increasing. There is also an increase in the number of open and active electronic wallets from 222 thousand to more than three million wallets, and this represents a real transition to the banking sector.
He added, “The Central Bank is a major supporter and has sufficient flexibility in adopting appropriate monetary policies, as it has worked this year on a number of changes in various monetary policy tools, including raising the monetary policy support rate from 4% to 7.5 %, and Likewise, raising the interest on the tools of the Central Bank of Iraq from 3% to 4%, and now it has reached 7.5%, as well as raising the legal reserve ratio from 15% to 18%, except that “ all these different tools seek to manage surplus cash.” In addition to what the electronic platform is doing by circulating the surplus liquidity resulting from the increase in public spending./ End 5
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The Deputy Governor of the Bank, Ammar Khalaf, said, during the opening of the activities of the annual exhibition and conference for finance and banking services today, Saturday, on the grounds of the Baghdad International Fair, “This year has witnessed many changes since the launch of the electronic platform for external transfers, and the Central Bank has worked hard through the window to adjust the exchange rate rhythm in all changes.” that you have seen.”
He added: “There are many opportunities for the Iraqi economy, including the growth of the gross domestic product, and the achievement of a surplus in the general budget affected by the rise in global oil prices and the rise in the volume of deposits and credit in general, as well as the increase in the foreign reserves of the Central Bank of Iraq, which amounted to about 113 billion dollars now,” noting that “All these factors represent opportunities for the Central Bank of Iraq and all ministries and the private sector as well as contribute more to adapting economic growth in Iraq.”
He went on to say, "Despite the existence of these opportunities, there are many challenges, including the approval of the general budget law of a very large size, in which public expenditures reach 198 billion dinars as planned for this year, and also with A deficit amounting to 64 trillion dinars, and this in itself is a challenge for the economy in general and the central bank. In particular
. pressure on the various monetary policy tools."
He explained, "In the previous edition of the fifth annual conference, we mentioned the importance of electronic payment and what it represents as an important tool for achieving economic growth, financial inclusion and depth, and there must be a compulsion to adopt its tools, which have been achieved this year through the great support of the Iraqi government.” The current efforts launched by the Central Bank of Iraq, including forcing public and private institutions to use electronic payment tools, as we have recently witnessed a great movement by the public and private sectors in adopting electronic payment tools to achieve economic growth and manage financial affairs in Iraq.
And the Deputy Governor of the Central Bank confirmed, “There is an increase and rise in electronic payment tools, including an increase in the number of different cards from 6 million to 16 million cards, as well as an increase in the number of electronic payment devices from 918 devices to more than 10 thousand devices, as well as an increase in the number of ATMs.” The number of electronic wallets increased from 656 to more than two thousand devices, and it is constantly increasing. There is also an increase in the number of open and active electronic wallets from 222 thousand to more than three million wallets, and this represents a real transition to the banking sector.
He added, “The Central Bank is a major supporter and has sufficient flexibility in adopting appropriate monetary policies, as it has worked this year on a number of changes in various monetary policy tools, including raising the monetary policy support rate from 4% to 7.5 %, and Likewise, raising the interest on the tools of the Central Bank of Iraq from 3% to 4%, and now it has reached 7.5%, as well as raising the legal reserve ratio from 15% to 18%, except that “ all these different tools seek to manage surplus cash.” In addition to what the electronic platform is doing by circulating the surplus liquidity resulting from the increase in public spending./ End 5
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