Thurs. AM KTFA News Articles 1-13-22

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Samson » January 13th, 2022

The Central Bank reveals the goals achieved from its initiatives and determines their value in dinars

12th January, 2021

On Wednesday, the Central Bank counted the goals achieved from its initiatives to promote economic growth, revitalize the private sector, and address the effects of the Corona pandemic, while setting its value in Iraqi dinars.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a press conference, which was followed by / Mawazine News, that “the Central Bank launched several initiatives to address several reasons, including the low level of financial depth, the level of financial inclusion, the high costs of lending, the high unemployment rate, in addition to the low contribution of the non-oil sector and the exposure of the economy. Iraqi economic stagnation after 2014. 

He pointed out that “there are several allocations to the initiative of the First Central Bank of trillion dinars and was directed mainly to the private sector and the initiative of 5 trillion dinars also to the private sector, but through privatized banks and the Housing Fund, but the initiative became 3 trillion for the Ministry of Finance to reduce it.”

 He pointed out that “after the successes achieved by the initiative and mobilizing the allocated funds, the bank decided to issue new initiatives in 2020, coinciding with the Corona pandemic, and it was to revitalize the private sector and finance the largest possible number of private projects. The trillion dinars initiative. 

He explained that “the 5 trillion initiative came due to the increasing demand from the housing sector, whether through the Real Estate Bank or the Iraqi Housing Fund for this bank, and the amount increased, and the total amounts reached 9 trillion dinars, which is supported by the increasing demand for the housing sector.”  He added, “The initiatives launched by the Central Bank totaled 15 trillion dinars.”

He added that “these initiatives constituted 30% of the total credit granted to the private sector as well as 8% of the total product according to the data of 2020, also accounted for 17% of the total private sector deposits and constituted 18% of the total investment spending for the period between 2016 – 2021, the initiative was also granted at competitive interest rates that do not exceed 3.8%, compared to the interest rate granted by the rest of the loans, 11.5%.

He stressed that “one of the most important steps taken by the Central Bank is to cancel the interest on some loans, especially the housing loans granted by the Real Estate Bank and the Housing Fund, and now it has become an administrative commission that is deducted for one time.”   LINK

Source: Dinar Recaps

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