Iraq possesses huge cash reserve is the largest in its history
27/10/2011 Central Bank Governor for (morning):
Cannot initiate economic reform away from a monetary policy to maintain the exchange rate, which is an important aspect in the economic world, as well as in venture business Finder a secure environment for the presence in the field of employment, as well as monetary stability is very important for making concrete balanced productive sectors that create an environment friendly to aspiring global investments, to be stationed in Iraq. overall stability
This is what the Iraqi Central Bank Governor Sinan Al-Shabibi told he (morning): indicating that the Central Bank adopted monetary policy that contributed to achieving economic development, which provides overall stability, pointing out that economic stability when accompanied by political stability will create the perfect investment environment, and the Central Bank in cooperation with the Government succeeded in maintaining a stable exchange rate for the currency, and are keen to continue this stability and maintain daily, referring to the US Central Bank Governor Confirmed that the most important achievement in the field of non-cash exchange rate thinking of relation at all prices, especially in a country depends on import.
The largest cash reserves
Shabibi was: that the Central Bank owns large defensive force to maintain the exchange rate of the currency, the size of the huge cash reserve and the largest in the history of Iraq, stating that in the cash economy there is no such thing as a currency, and the Central Bank to this reserve can address any step trying to confuse the real currency, assuring investors firmly and currency stability.
He said that the Central Bank supervises the work of banks and private banks, and organize their work and mechanisms contain problems that appear in some banks, because failure to regulate banks is an obstacle to development, the Bank also oversees all government payments under its plan, because the Government and Central Bank.
Either the subject of inflation Shabibi said follow-up to reduce inflation by knowing the consumer index ' of the CSO and its developments are monitored, and if high inflation is dealt with by the Central Bank, because it has the cash and can be lifted and lowered the level of liquidity due to the reality of inflation.
Cooperation with banks
And private banks to essentially develop stressed Shabibi capital and participation, as well as activating lending mechanisms adopted by, the study of the reality of projects funded, and the need to adopt international standards and expertise in banking, however Central Bank capable of providing greater cooperation with the banks, enough to meet the challenges.
He noted that the Central Bank of Iraq in the International Monetary Fund, and that its assessment of the financial and other aspects of the first cash, paid tribute to maintain payments, prices and inflation issues, but the fundamental issue is that the World Bank emphasized that there is considerable budget outlays and offers reviews, because the spending of this magnitude leads to borrow and enter into debt problems, and there is continuing with the World Bank to make an appropriate economic climate of transition experienced by the country in the meantime. He stressed the need for further reviews the latest World Bank report on development of the financial sector in the three wards of the banking sector and the insurance sector and the Bourse, also stressed the importance of taking into account the report advised when thinking about the reform yalakatsadi because delay in dealing with these observations may be detrimental to the Iraqi economy, pointing out that the Central Bank study carefully all the observations made in the report of the Bank.
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