Wednesday, August 2, 2017

NEWS: Central Bank of Iraq, for the adoption of new mechanisms to facilitate procedures in using foreign currency, 2 AUGUST

Recent instructions issued by the Central Bank of Iraq, for the adoption of new mechanisms to facilitate procedures in using foreign currency to cover imports and emphasize the last beneficiary identification with a view to maintaining Iraq funds from misuse as Central Bank Governor on improved relations, during a meeting with Bank leaders: "the keeper will depend in 2017 new visions for monetary policy applications for the purpose of achieving specific objectives in its 56 year 2004 mainly maintain the dinar and foreign currency-covered value, by building Foreign cash reserve in accordance with the criteria.
Calculate international external cash reserve to cover the dinar and cover imports into Iraq; "and the other main objective is to maintain the foreign currency used for non-economic and developmental purposes.So the Central Bank during the past two years with deliberate steps and sequenced and coordinated with the Government agencies concerned, while maintaining his independence contained in its law, where procedural and organizational policy and structural and issued his strategy for the years (2016 2020) and select their targets to achieve financial stability and banking development
Technically and structurally and organizationally towards financial inclusion, where the 2016 year of preparation and appropriate financial and technical foundations for the reality of the Iraqi economy banking mechanisms form a solid base led to the transfer of the Iraqi economy basic workshops, notably the financial sector, from proceeding to grey phase based on the ILO report.

All that led to a new stage begins, the year 2017 based cornerstones from which new mechanisms dealing with banks lifted the former radical and given instructions pressure elasticities and numerous facilities and Tolerancing to achieve the central objectives in economic and banking reform based on transparency and disclosure.

The other pillar is dealing with banks based on that of new banking products and services of high level and restore public confidence in the banking sector, as well as the results of their work and their commitment to the implementation of the Central Bank's monetary policy orientations and flip it. 
The actual contribution to a gross domestic product and its contribution to sustainable development and its role in development banking role; 

Besides dealing with banks as standard rated central supports.

Samir Al Nassiri
July 28, 2017

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