Central Bank Governor: We are working to activate payment systems through financial inclusion to reach all citizens
The Governor of the Central Bank of Iraq, Mustafa Ghaleb, stressed, on Wednesday, that we need to combine the state’s measures to ease and reduce by launching a clearly defined strategy and starting with commodities that have an advantage such as agricultural products, noting that it is not hidden from everyone that the Central Bank plays an important role in achieving balance. Macroeconomic conditions that have passed since 2019 until now.
In his speech during the annual exhibition of finance and banking services, attended by “Economy News”, he said that it is not hidden from everyone that the central bank plays an important role in achieving macroeconomic balance in light of the conditions that have passed since 2019 until now through monetary policy tools
In his speech during the annual exhibition of finance and banking services, attended by “Economy News”, he said that it is not hidden from everyone that the central bank plays an important role in achieving macroeconomic balance in light of the conditions that have passed since 2019 until now through monetary policy tools.
We have faced many challenges, the most important of which are the decline in oil prices and domestic production, the high budget deficit of the state, and the high volume of the internal public debt.
He added that to stimulate economic activity and reduce unemployment, the bank launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015 to stimulate the various industrial and agricultural sectors, services and housing in a balanced manner with reduced interest rates and sometimes without interest, as in the housing sector to achieve an economic renaissance.
And between the governor of the Central Bank, we need to combine the state’s measures by reducing and launching a clear strategy and starting with goods that have an advantage, such as agricultural products.
And he indicated that the Central Bank deducted treasury transfers 2020 and 2021 to finance the dues of the Ministry of Finance, despite the increase in debt and the negative impact, but it is a historical necessity to find a solution to the financial crisis that the country went through and to cross to safety.
He stressed that the Central Bank is working with the Ministry of Finance to reform government banks, as well as activating payment systems by activating financial inclusion and access to services to all citizens, as the number of accounts doubled from 3 million in 2019 to 6 million in 2020, and the number of electronic cards also increased From 10 million to 12 million cards.
He pointed out that as part of the Central Bank’s efforts to combat money laundering and terrorist financing, it has succeeded in establishing an integrated system through the issuance of the Anti-Money Laundering Law No. 39 of 2015 and the Anti-Money Laundering and Terrorist Financing Office was established and issued several decisions that contributed to Iraq’s exit from the gray area it issues. You missed, and the Central Bank seeks to establish a sovereign fund for future generations in which state institutions and oil revenues contribute. The presence of the sovereign fund reduces the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations.
With regard to the issue of digital transformation, the Governor of the Central Bank confirmed that the bank is working on developing technical infrastructure and cybersecurity, automating services, and setting and opening electronic wallets link
Minister of Finance: A series of measures taken by the government led to the stability of economic conditions
Finance Minister Ali Abdul-Amir Allawi confirmed, on Wednesday, that the collapse of oil prices caused a crisis in the Iraqi economy, and when the government assumed its duties, there was a billion dollars in its accounts, noting that the series of measures taken by the government led to the stability of economic conditions.
Allawi said in his speech during the annual finance and banking services conference, which was held in Baghdad and attended by “Al-Iqtisad News”, that the collapse of oil prices caused a crisis in the Iraqi economy, and when the government assumed its duties, there was a billion dollars in its accounts and the financial surpluses of the previous year were spent on Excess expansion in the public sector.
He added that the government struggled to manage the subsequent effects of the economic and security crises, and the problems were exacerbated by the lack of a budget in 2020, the expansion of public sector obligations and previous accumulations, while we were trying to absorb employment obligations and pensions, and economic activity shrank sharply, noting that the Iraqi economy suffered from a decline. to 11% of GDP in 2020.
He explained that the series of measures taken by the government led to the stabilization of economic conditions, including the devaluation of the local currency, which had an important impact on the recovery of the domestic product, in addition to that, the price of oil began to recover in the fall of 2020, as it reached 62 dollars in the first eight months.
And he indicated that the 2021 budget was passed and our credit rating was preserved and the public sector payroll and pension obligations became more under control than before, noting that the government took the start of reform and put the reform of the public sector and the entire public administration and the white paper is the first real evidence to restore the prestige of the economy and we showed our serious determination to Issues that have been outstanding for years, through the provision of services and the ability to create good jobs for young people whose number is increasing by more than one million annually, and we still depend on oil revenues.
He noted that our financial sphere is constrained by a serious stagnation because the economy is not diversified and relies heavily on a single resource and a large degree of the state budget, the difficulty of creating jobs from the private sector, corruption is very high in all parts of the government and the political repercussions and public protests, although the government has reduced internal tensions We promised to hold early elections and we will fulfill these promises on the tenth of next October. Iraq will vote to elect a new House of Representatives.
He stressed that the government approved major projects, including G4 licensing rounds, the Total project, the Faw port, a number of renewable energy projects, and the Al-Bidaa Canal to pump water in Basra, which is the first water desalination project, and there are quite a few projects and initiatives launched by the government.
He added, “We have taken a new decision to subject large investments and are subject to scrutiny by the advisors of the competent departments. As for the financial sector, we were able, in cooperation with the Central Bank, to control the side effects that resulted from the new exchange rate and the emergence of positive effects with the registration of requests for investment licenses and new industrial projects,” he added. The UN Trade Organization project to automate customs, as well as reform government banks, was approved.
Allawi said, that Iraq is witnessing a good recovery during the year 2021, and in the medium term we must have positive results through the support of the International Monetary Fund for our reform program represented by the White Paper.
Separating the future of Iraq from the massive technological changes and opportunities towards the digital economy. The digital economy will not lead to job creation, but rather contribute to a basic diversification of our economy. We need to develop the environment for the telecommunications sector, by creating a digital environment, supporting digital skills, creating digital platforms, digital financial services, and supporting pioneers Business and Finance Ministry is interested in the latter two aspects of the five pillars.
And he indicated that the Ministry of Finance is promoting a fund to support youth, and we have allocated 30 billion dinars in the 2021 budget, and work will begin in the coming weeks, and the adoption of high-speed and affordable Internet and the provision of government services. That country has to restore its economy to the global energy market, which is the main challenge.
He noted that the government launched a high-level committee on climate change and the environment, preparing a green paper and rationalizing us towards alternative energy. link
Iraq is the fourth largest Arab country with proven gas reserves.
economy news – baghdad
Britain’s bp announced wednesday that iraq ranked fourth in the arab world with the largest proven gas reserves in 2020.
“Iraq ranked fourth in the arab world with the largest proven gas reserves in 2020, with 124.6 trillion cubic feet, accounting for 1.9 percent of the world’s proven gas reserves,” the company said in a 2021 schedule seen by economy news.
“Qatar came first in the arab world with a proven gas reserve of 871.1 trillion cubic feet, followed by saudi arabia with 212.6 trillion cubic feet, while the uae came third with a reserve of 209.7 trillion cubic feet, and then algeria came in,” she said. “the middle east’s proven gas reserves are 40.3 percent of the world’s proven gas reserves,” he said.
“Russia has the world’s highest proven gas reserves of 1,320.2 trillion cubic feet, followed by iran at 1,133.6 trillion cubic feet, and qatar comes third with 871 trillion cubic feet, followed by turkmenistan iv, with 480.3 trillion cubic feet and the united states coming fifth with 445.6 trillion cubic feet,” bp said.
economy news – iraq 4th arab with the largest proven gas reserves (economy-news.net)
Source: Dinar Recaps
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