Iraqi Banks undertake Overdue Reforms

By Omar al-Jaffal for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Iraqi Banks undertake Overdue Reforms

The Central Bank of Iraq (CBI) announced in a statement Dec. 19 the devaluation of the Iraqi dinar to 1,450 to help reduce the country's fiscal deficit in the state budget for 2021 from 70 trillion to nearly 30 trillion dinars.

Simultaneously, Iraqi banks have undertaken additional measures to optimize the Iraqi economy. In the past weeks, government banks intensified calls for citizens to deposit their money in their bank branches instead of hoarding it at home.

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