By John Lee.
Iraq's banking sector reform programme is continuing in coordination with Oliver Wyman, with further positive developments expected in the coming period, including greater integration with the international financial system. The Central Bank of Iraq (CBI) also plans to launch new lending initiatives to support investment and strengthen the role of the private sector in the national economy.
According to the CBI, Governor Nizar Nasser Hussein made the remarks during a discussion with economic specialists. He said international confidence in the CBI is strong, and that internal oversight and precautionary measures towards financial and banking institutions are being reinforced.
On depositor funds, Hussein said the majority of deposits in the banking sector are guaranteed, adding that the CBI would intervene under its mandate if any shortfall or imbalance arose. He said the bank has the reserves, financial instruments, and contingency plans to manage crises.
On the money supply, Hussein said total currency issued for circulation stands at around IQD 107 trillion ($81.7 billion), and that a currency exchange programme would help establish the true volume of money in circulation.
He also noted that the current government is managed with a vision grounded in private-sector thinking and its role in economic development, and emphasised the importance of media in supporting economic and banking reforms.
(Source: Central Bank of Iraq)
No comments yet.