TNT
Tishwash:
International Monetary Fund experts praise the actions of the Central Bank of Iraq
The team of experts from the International Monetary Fund mission praised the measures taken by the Central Bank of Iraq during the current year in achieving monetary policy objectives, welcoming the progress made in terms of strengthening the domestic liquidity management framework.
This came in a statement issued by the mission at the conclusion of its visit related to Iraq, which took place in the Jordanian capital, Amman. For the period 12-17 December 2023, stressing that the policies of the Central Bank of Iraq were able to control inflation rates, which declined from the peak they reached by 7% at the beginning of the current year to reach 4% by the end of the year, with its stability expected during the coming months, due to the policy. Tight monetary policy, raising the exchange rate of the Iraqi dinar against the dollar, and returning foreign trade financing to normal.
The Central Bank of Iraq clarifies that the monetary policy tools it adopted this year, especially increasing the policy rate from (4%) to (7.5%) and the mandatory reserve ratio from (15%) to (18%), contributed significantly to better management of local liquidity, and received attention. The International Monetary Fund mission is important in light of the current economic conditions.
This bank seeks to develop the interbank trading market with the aim of enhancing the process of transmission of the impact of monetary policy. The ongoing banking reforms and the development of the electronic payment system in coordination with the Iraqi government are among the basic requirements for providing support to revitalize the private sector and promote sustainable economic development.
The mission also praised the role of the Central Bank of Iraq for continuing to provide appropriate tools to finance foreign trade, and improving the compliance environment with requirements for combating money laundering and t-------t financing, which will contribute to achieving the objectives of monetary policy and greater financial and monetary stability in the country.
Central Bank of Iraq
Media Office,
December 20, 2023 link
Source: Dinar Recaps
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