Central Bank: We contributed to reducing inflation and increasing foreign reserves

by **Rocky** Thu 29 Feb 2024, 4:58 am

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Central Bank: We contributed to reducing inflation and increasing foreign reserves

by Rocky Thu 29 Feb 2024, 4:58 am

Central Bank: We contributed to reducing inflation and increasing foreign reserves

Economical 02/29/2024
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Baghdad: Rula Wathiq

announced that the Central Bank was able to reduce inflation levels in the country, increase foreign reserves and the size of deposits in banks, and expand electronic payment tools, at a time when the Finance Committee in the House of Representatives presented proposals to develop the banking system.
Deputy Governor of the Central Bank, Ammar Khalaf, said during the opening of the eighth annual exhibition and conference for finance and banking services, which “Al-Sabah” attended: The country faced a series of challenges during the past year, but the Central Bank faced them with high responsibility, as it was able, through various monetary policy tools and sound decisions, to achieve its goals. Decided in his law, in addition to achieving the general level of prices, by reducing the inflation rate, as the inflation rate reached 7.5 percent at the beginning of the year 2023 and decreased at the end to 4 percent.
He added that monetary policy tools were activated, in addition to issuing various financial tools, including bank transfers and Islamic deposit certificates, which were considered an investment opportunity for Islamic and commercial banks operating in Iraq, as well as raising the mandatory reserve ratio from 15 percent to 18 percent, indicating that the purpose of these tools is Managing excess liquidity in the economy.
Khalaf pointed out that last year witnessed clear growth in most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion dinars in 2022 to 131 trillion dinars in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars. trillion dinars, in addition to an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion during the year 2023, in addition to an increase in credit in the private sector from 35 to 40 trillion dinars, with an increase in the volume of foreign reserves from 140 to 148 trillion dinars.
He stated that the efforts led by the Central Bank in cooperation with the government, especially with regard to expanding the use of electronic payment tools, led to a clear growth in payment tools, as the number of POS points of sale increased from 10,000 devices in the year 2022 to more than 20,000 devices in the year 2023. The number of ATM machines also increased from 2,223 machines in the year 2022 to about 3,000 machines in the year 2023. As for the number of electronic cards of various types, it reached about 16 million cards in the year 2022 and 18 million cards in the year 2023, noting that the past year witnessed cooperation. There is a significant relationship between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank.
Khalaf stressed the decrease in daily transactions in foreign currency, offset by the increase in dealing in the national currency, in addition to the existence of cooperation in restructuring government banks and developing private banking institutions to build sound and solid banking institutions.
He continued that external transfer operations witnessed great discipline during the past year and a high response from all banks to facilitate trade financing operations and various external transfers, especially after the issuance of external transfer controls at the beginning of last year.
He noted that the bank was able to strengthen its banking relationships with a large number of Arab and foreign financial and banking institutions to open wider areas and ensure a high flow of external transfers, especially using different channels for external transfers in different currencies other than the dollar or in addition to the US dollar.
He pointed out that the bank seeks to strengthen banks by increasing their capital from 250 to 400 billion dinars, pointing out that the most important projects that the bank launched last year and work on which is still ongoing this year is the establishment of “Riyadah Bank,” which will specialize in providing financing. For small and medium enterprises, in addition to preparing a national strategy for bank lending, in addition to strengthening the role of non-banking financial institutions that support financial and banking stability, by strengthening the role of the Deposit Guarantee Company and the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, which it is hoped will It has a major role in organizing electronic payment operations
.
For his part, the Chairman of the Finance Committee in the House of Representatives, Atwan Al-Atwani, said during the exhibition: The committee presented seven proposals to develop the banking system, which include supplying banking institutions with efficient financial and technical personnel and ensuring the development and development of their skills and capabilities, by involving them in training courses outside the country to learn about modern methods of dealing. Banking and completing transactions using modern methods, with training on the use of advanced technical devices, in addition to equipping banks and banks with modern devices in all fields and financial activities and introducing the ATM service in all bank branches in a way that ensures smooth and easy exchange for all bank account holders.
He added that the proposals also included establishing quality measurement centers in all banks and activating their role in receiving development ideas and opinions, while honoring those with ideas that prove successful in practical fields and whose results reflect positively on developing the performance of banks.
Al-Atwani called for expanding the horizons of cooperation between local banks and their Arab and international counterparts to benefit from their financial experiences and achieve qualitative shifts in the performance of our banks, in addition to encouraging scientific studies and research to develop the performance of financial institutions and ensuring the translation of these recommendations, studies and research from a theoretical reality into a tangible practical one that reflects positively on the financial institutions. Commercial and future economic developments, in addition to studying the possibility of opening branches of local banks outside Iraq for the purpose of expanding the circle of banking activity and attracting more customers to the banks as a means of attracting capital, in addition to approving the basic principles of using interest to ensure an increase in deposits and granting the process the safety of the national currency from counterfeiting and addressing issues. Related to money laundering to maintain the value of the national currency and the country’s economic interests.
Al-Atwani appreciated the efforts of the executive and legislative authorities in their efforts to complete and legislate the relevant laws that have reached their final stages, including the draft Securities and Commodities Law and the Center for Banking Studies Law, as well as the draft Islamic Investment Sukuk Law.
In turn, Al-Rasheed Bank spokesperson Amal Al-Shuwaili told Al-Sabah on the sidelines of the exhibition: The bank will announce many services during the coming days, including directly opening the transfer and deposit process for electronic payment cards after the government directive to move to this field.
She explained that this service will enable citizens to transfer from one card to another, and open a number of branches to receive customers to facilitate their work through electronic transactions, such as exchange, deposit, and shopping operations through these cards.

Edited by: Ali Mowafaq
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Central Bank: We contributed to reducing inflation and increasing foreign reserves

Central Bank: We contributed to reducing inflation and increasing foreign reserves

Central Bank: We contributed to reducing inflation and increasing foreign reserves

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