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AnnmarieF
@AnnmarieMo64264
CBI: Central Bank Governor: We are continuing to reform the banking sector and support the national economy..
The Governor of the Central Bank of Iraq, Mr. Nizar Nasser Hussein, affirmed that the Central Bank continues to implement the banking sector reform program in coordination with Oliver Wyman.
He indicated that the coming phase will witness further positive developments in the banking sector and greater openness to the international financial system.
During a discussion with a number of economic specialists, the Governor explained that international confidence in the Central Bank of Iraq is very high, and that internal oversight is being strengthened, along with preventive measures toward financial and banking institutions.
Regarding depositors’ funds, the Governor confirmed that the bulk of deposits in the banking sector are guaranteed. He added that in the event of any shortfall or deficit, the Central Bank would intervene in accordance with its authorities and responsibilities. He reassured the public that the Central Bank is capable of managing crises, given the reserves, financial tools, and contingency plans at its disposal.
On the money supply, the Governor stated that the total currency issued for circulation is about 107 trillion Iraqi dinars, and that changing the currency would help identify the true volume of cash circulating in the markets.
He stressed the importance of the media’s role in supporting economic and banking reforms, improving Iraq’s image, and strengthening international confidence in the country. He noted that the current government is being managed according to a vision based on the private sector and its role in economic development.
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In support of economic activity, the Governor revealed that the Central Bank intends to launch new lending initiatives to support important and vital projects, thereby stimulating investment and production and strengthening the private sector’s role in the national economy.
His Excellency emphasized that banking reform is an ongoing path aimed at building a more efficient and competitive banking sector and strengthening its relationship with the international financial system, in service of financial and economic stability in Iraq.
Baghdad – Media Office
Source(s):
• https://x.com/AnnmarieMo64264/status/2096635502350758138
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