Baghdad, The International Monetary Fund mission for the current year 2024 praised, on Monday, the Iraqi government’s monetary policy measures.
A statement by the Central Bank of Iraq stated, ‘The report issued by the International Monetary Fund mission for the current year 2024 for Article Four consultations praised the Iraqi government’s actions, including the monetary policy led by the Central Bank of Iraq.’
The report indicated that ‘the Central Bank of Iraq has taken several measures aimed at stabilizing the national currency and controlling monetary inflation,’ noting that it ‘raised the interest rate on monetary policy tools from 4 % to 7.5 % and increased the mandatory reserve requirements for banks from 15 % to 18 %.’ added ‘These steps were decisive in reducing the inflationary pressures that Iraq suffered from, and this contributed to creating a more stable economic environment.’
It stressed: ‘The important reforms in the banking sector, such as the gradual increase in bank capital and mergers b
etween small banks, aim to strengthen the banking sector and increase its efficiency and flexibility in the face of economic shocks.’
It noted: ‘Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that requires the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, in addition to the role of the Central Bank of Iraq in expanding relations to facilitate international trade financing operations more smoothly.’
Source: National Iraqi News Agency
