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Samson » February 6th, 2022

The Central Bank announces the increase in its reserves of gold and hard currency

5th February, 2022

The Central Bank revealed, on Saturday, the increase in its reserves of gold and hard currency, while explaining its value.

Deputy Governor of the Central Bank, Ihsan Shamran al-Yasiri, told the official news agency, “The central bank’s reserves of hard currency witnessed a stable rise for more than a year, affected by the balanced measures of monetary policy, with it exceeding the $64 billion barrier at the beginning of February 2022, as well as exceeding the gold assets in the bank’s possession. The central bank has 96 tons in reserves.

He added, “The Central Bank continues to support banks to expand development opportunities in the country and reduce the financing gap.”

Earlier, the Central Bank of Iraq announced an increase in the allocations of its initiative to lend to small and medium enterprises.

 In a statement received by Mawazine News, the governor of the bank, Mustafa Ghaleb, stated that “the Central Bank has increased the amount of its initiative to lend to small and medium-sized enterprises by an amount of one trillion dinars, bringing the total amount allocated for this goal to two trillion dinars,” noting that “the Central Bank’s lending initiatives contributed to supporting the sectors of industry, agriculture, housing and trade, and they now constitute nearly 30% of the total credit granted to the private sector, and have contributed an important percentage to the GDP.

He added, “There are some loans provided by the Central Bank that are granted without interest, without an administrative commission only.” The percentage of its implementation reached 90%, which prompted us to increase its amount by an additional trillion dinars. 

And he continued, fearing, according to the statement, that “the monetary policy tools contributed greatly to supporting the economy and overcoming the financial crises that occurred in the country.” 

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Source: Dinar Recaps

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