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IMF Executive Board Concludes 2015 Article IV Consultation with Iraq
Press Release No. 15/382
August 18, 2015
Directors noted that indirect central bank financing of the government is necessary at this juncture given the lack of other sources of financing, but stressed that this should not become a recurring source of financing. They, therefore, welcomed the authorities’ intention to firmly limit such support and clarify the terms of the related financial operations between the central bank, the state-owned banks, and the government. Directors supported the authorities’ commitment to maintain the exchange rate peg, which has served as a sound nominal anchor for Iraq. They also welcomed the steps taken to liberalize the foreign exchange market and urged the removal of remaining exchange restrictions and multiple currency practice as external conditions evolve.
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Press Release No. 15/382
August 18, 2015
Directors noted that indirect central bank financing of the government is necessary at this juncture given the lack of other sources of financing, but stressed that this should not become a recurring source of financing. They, therefore, welcomed the authorities’ intention to firmly limit such support and clarify the terms of the related financial operations between the central bank, the state-owned banks, and the government. Directors supported the authorities’ commitment to maintain the exchange rate peg, which has served as a sound nominal anchor for Iraq. They also welcomed the steps taken to liberalize the foreign exchange market and urged the removal of remaining exchange restrictions and multiple currency practice as external conditions evolve.
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