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International praise for the efforts of the Iraqi Central Bank: controlling inflation and strengthening the banking sector
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Economy News - Baghdad
The International Monetary Fund praised the actions of the Iraqi government led by the Central Bank of Iraq, indicating that it had taken several measures aimed at stabilizing the national currency and controlling monetary inflation.
The Central Bank media stated, in a statement received by Al-Eqtisad News, that it “raised the interest rate on monetary policy tools from 4% to 7.5% and increased the mandatory reserve requirements for banks from 15% to 18%, and these steps were decisive in reducing the inflationary pressures that are affecting the economy.” Iraq suffered from it, and this contributed to creating a more stable economic environment.”
The report stressed that “important reforms in the banking sector, such as the gradual increase in bank capital and mergers between small banks, aim to strengthen the banking sector and increase its efficiency and flexibility in the face of economic shocks.”
The report noted that “Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, in addition to the role of the Central Bank of Iraq in expanding Correspondent banking relationships, to facilitate smoother international trade financing operations.”
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Added 05/27/2024 - 2:34 PM
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Economy News - Baghdad
The International Monetary Fund praised the actions of the Iraqi government led by the Central Bank of Iraq, indicating that it had taken several measures aimed at stabilizing the national currency and controlling monetary inflation.
The Central Bank media stated, in a statement received by Al-Eqtisad News, that it “raised the interest rate on monetary policy tools from 4% to 7.5% and increased the mandatory reserve requirements for banks from 15% to 18%, and these steps were decisive in reducing the inflationary pressures that are affecting the economy.” Iraq suffered from it, and this contributed to creating a more stable economic environment.”
The report stressed that “important reforms in the banking sector, such as the gradual increase in bank capital and mergers between small banks, aim to strengthen the banking sector and increase its efficiency and flexibility in the face of economic shocks.”
The report noted that “Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, in addition to the role of the Central Bank of Iraq in expanding Correspondent banking relationships, to facilitate smoother international trade financing operations.”
Views 71
Added 05/27/2024 - 2:34 PM
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