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Central Bank: Inflation in Iraq decreased to 4%
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Added 02/28/2024 - 11:22 AM
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Deputy Governor of the Central Bank, Ammar Hamad, announced that inflation in Iraq had decreased to 4%.
Hamad said during his speech at the Finance and Banking Services Exhibition and Conference, which was attended by “Al-Iqtisad News,” that “inflation in Iraq decreased to 4% by the end of 2023 from 7.5%.”
He added that foreign reserves rose to 148 trillion dinars by the end of 2023 from 140 trillion dinars in 2022, and the volume of deposits reached 131 trillion dinars.
He pointed out that private sector deposits amounted to 55.5 trillion dinars, while the volume of credit reached 69 trillion dinars.
He stressed that cooperation between the Council of Ministers and the Central Bank in supporting the dinar led to reducing the use of the dollar in the markets and reliance on the dinar, explaining that there is cooperation on restructuring government banks and building sound banking institutions.
He stressed the importance of banks' adherence to global and local compliance standards, explaining that the Central Bank decided to increase banks' capital to 400 billion dinars until the end of the current year.
Hamad stated that the Central Bank established the Riyada Bank to finance small and medium enterprises, as well as preparing a national strategy for bank lending, and we are working to strengthen the role of the Loan Guarantee Company and the Deposit Guarantee Company.
Hamad pointed out that work has begun to establish the National Payment Systems Company, which will have a major role in organizing electronic payment operations.
Views 124
Added 02/28/2024 - 11:22 AM
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