Home
Central Bank: We contributed to reducing inflation and increasing foreign reserves
Economical 02/29/2024
[You must be registered and logged in to see this image.]
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
[You must be registered and logged in to see this link.]
» Did Barzani agree in Tehran to end the presence of Iranian groups in Kurdistan? - urgent
» Al-Sudani: We are establishing a new situation for the global energy market through the Development
» Al-Sudani: The government program devoted a wide scope to the government’s vision for oil and gas in
» Al-Awadi: Ending the work of the UNAMI mission is consistent with the government’s vision in this fi
» utube 5/9/24 MM&C 0:02 / 46:46 PM - Al-Sudani - Golden Opportunity - Private Sector - Contra
» utube MM&C 5/11/24 Iraqi Dinar - IQD Update - International - IraqTiming - 2024 Budget Schedule - Sp
» MM&C Floating the dinar" returns to the forefront.. Will the Central Bank of Iraq resort to it and w
» The Secretary of the Ministry of Defense meets with the Commander of the NATO mission
» Expert: The stability of the economy is linked to the political situation
» A parliamentary request to lift the injustice against 20,000 Iraqi employees
» Parliamentary Finance criticizes the government's failure to send the budget schedules
» Minister of Oil: The 5th and 6th licensing rounds will take place within the framework of exploratio
» Al-Sudani: Iraq is a difficult number in the global market in the field of energy
» Al-Khanjar rejects Al-Halbousi’s request to head Parliament
» Revealing the date of the arrival of the 2024 budget schedules
» Al-Halbousi nominates Talal Al-Zubaie for presidency of the House of Representatives
» "A coup in Iraqi universities"... Replacement of presidents and deans under the new education law
» Al-Sudani: Iraq is a difficult number in the equation of energy and oil wealth in the region and the
» Minister of Oil: We hope to announce an increase in Iraq’s oil reserves to 160 billion barrels
» Iraq's mass graves...stories that did not end with the burial of their owners, and the "legacy of IS
» Pictures: New licenses in Iraq to extract “huge” quantities of oil and gas
» Transport reopens the Baghdad - Samarra railway line
» Al-Awadi: A government decision to provide sovereign guarantees and guarantees to encourage the inve
» Oil clarifies the mechanism for investing grant funds and licensing contracts
» A $700 million agreement is signed between Iraq and Italy to finance these projects
» Iraq recovers 90 billion dinars from social protection violators
» Sudanese officially launches the two licensing rounds and sets the date for stopping gas burning
» An economic vision for the standard of competition for exploratory plots in Iraq
» The Iraqi Islamic Bank announces an increase in its capital to 300 billion dinars
» A communication from the Ministry of Health to the Ministry of Interior in Kurdistan regarding “herb
» Popular agreement to end the “cancer towers” crisis in the oldest villages of Diyala.. Document
» What is the reason for OPEC's decision to stop publishing its estimates of the volume of global dema
» It includes 29 projects in 12 governorates.. Launching the fifth supplementary licensing round and t
» Among them are 8 Chinese companies...an economic view of the criteria for competition over explorato
» Sudanese: Gas burning will stop within 3-5 years
» With the extension of its legislative term.. Will the Iraqi parliament succeed in resolving the budg
» Al-Sudani's angry message to Guterres: We do not need UNAMI.. Describe your belongings and leave
» As a result of corruption charges... Parliamentary signatures were collected to dismiss the director
» 13 countries are competing for 29 fields, and Anbar and Muthanna have the lion’s share... Details of
» Ending the international coalition’s mission...negotiations may take more time
» Oil reveals a mechanism to support services and establish infrastructure projects in the producing g
» Al-Hakim: The future cannot be mortgaged to volatile oil prices
» The New Generation Movement files a lawsuit to dissolve the regional government: It is unable to mak
» Al-Sudani: The government program devoted a wide scope to the government’s vision for oil and gas in
» Al-Rafidain: Loans for purchasing residential units start from 5 to 150 million
» Iraq launches a new licensing round to develop oil and gas fields
» Signing an agreement between Iraq and Italy to finance industrial projects worth $700 million
» Minister of Oil: Soon we will announce the increase in Iraq’s oil reserves to 160 billion barrels
» The Chinese company ZPEC wins the investment in the East Baghdad field - the northern extensions
» utube 5/9/24 Iraqi Dinar | Ali Alaq Announced New Rate Finally Showing New Rate On Tv Screen | Din
» A leader in the National Bank: We are committed to the federal decision and to postpone the election
» Al-Hakim: Iraq's future cannot be mortgaged to volatile oil prices
» The conflict of the corridors: the path to development from a historical perspective and the door to
» The Kurdistan Region demands that the federal government spend 1.1 billion dinars.. What is the reas
» Tomorrow, Iraq is preparing to launch a complementary round of gas licensing
» A government move to restore the funds of the Trade Bank of Iraq
» The Central Bank informs France of plans to restructure the banking sector
» A government advisor reveals the fate of the budget tables
» Iranian mediation between Baghdad and Erbil... Revealing the most prominent files of Raisi’s visit t
» Reconstruction and development is a priority.. A parliamentary committee follows up and monitors gov
» Al-Hakim comments on the agreements concluded with Türkiye and confirms: Iraq is on the right path
» Tomorrow... Iraq takes a step that will give it gas equivalent to 200% of imported Iranian gas
» A long and disturbing message.. The Iraqi government “blames” the United Nations because of “other p
» The Governor of the Central Bank and the French Ambassador discuss developments in the banking secto
» Al-Bajari: Iraqi companies will have a great opportunity to work after opening the door to investmen
» Transparency: Imports from Sulaymaniyah and Halabja during the past week amounted to more than 10 bi
» Al-Sudani: The delayed projects left great damage to the level of services in Babylon
» Economist: The fluctuation of the dollar is “the balance of speculators”
» {Al-Furat News} publishes the text of Al-Sudani’s request to Guterres to end UNAMI’s work in Iraq
» A former MP accuses Türkiye of transferring its conflict with the workers to Iraq
» A call to the Sudanese to remove American forces from Iraq
» Oil Parliament: Ankara holds Erbil responsible for the oil fines it owes
» The government is silent...the reality of removing American forces from Iraq
» The radiation protection law in the first session of the next legislative term
» A Spanish company raises controversy and a representative reveals a parliamentary movement against i
» Sudanese officially requests the end of the United Nations mission in Iraq / documents
» Because its sessions were not held, the Kirkuk Council faces a judicial complaint, and its members d
» Former US Chief of Staff: We slaughtered huge numbers of innocent people in Iraq and other countries
» The Association of Private Banks counts the percentage of shares traded on the stock market during a
» The European Union and Iraq agree to increase cooperation between them
» American Bank: Expectations to increase Iraq’s oil capacity in 2025
» Central Bank Governor to the French Ambassador: The plan to restructure government banks will change
» Integrity confirms working to conclude a memorandum of understanding with the Kuwaiti Anti-Corruptio
» Highlights of the Prime Minister's visit to Babylon
» The Minister of Transport discusses with a Turkish delegation the latest developments in the develop
» Free of charge.. Issuing approximately 13 thousand unified cards for those covered by social protect
» A parliamentary committee advises the government to deter trespassers: Slums are one of the reasons
» Embassy Protection confirms to “Baghdad Today”: The missions are safe and we have taken proactive me
» Water resources resolve the controversy of the “Wadi Al-Tea” project.. It will nourish the Hamrin ic
» After approving the National Security Strategy...a parliamentary movement to host “responsible” figu
» Al-Hakim calls for the distribution of plots of land to the families of the martyrs of the Popular M
» Order 160 Committee completes the “port scandals” papers... and searches for a legal outlet for impl
» It revealed the details of its contract with four companies to complete the census requirements... P
» Egypt, Morocco and Qatar praise the Iraqi Integrity proposal to establish the Arab Law Enforcement C
» The Iraqi Parliament enters its legislative recess and requires holding an “extraordinary” session o
» The Sudanese has not rested since the morning.. He carried out 12 activities and allocated a trillio
» Blinken's agent: Erbil is a strategic ally of Washington in a 360-degree relationship
» Oil seeks to convert refinery products to “Euro 5”... high quality and environmentally friendly