CBI solid steps in achieving development goals



2016/10/01




(Encyclopedia of the Day News | Iraq News ) - Samir Abbas Alnasiri banking expert that central banks in the countries are entities Mallet of sovereign sober and independent in carrying out its tasks and policies of cash which oversees and monitors the banking sector is Almstcharalmala the government and the Central Bank of Iraq , his role was fundamental in the process economic administration in Iraq after the change in 2003 through his handling of monetary policy and achieve their goals , where over Iraq during the years 2003-2016 an important stage in its economic system which included the change beginning of new applications for economic construction depends build introductions transition from the philosophy and strategies of the system of central economic in managing the economy to philosophy and strategies and mechanisms of the market economy.

the most important hallmark of this stage is the pilot exercise and assumptions that economic policies that rely primarily on the experiences of countries preceded us in the application of the economy of market mechanismswithout relying on the fundamental economic underpinnings for this transition, as all the studies and reports issued by the World Bank and the international Monetary Fund confirmed.

the confusion vision and the lack of coordination between fiscal and monetary policies and different economic policies and the lack of clarity in the economic approach of the new building of the economy contributed to a clear contribution to the dispersion of applications in the monetary policy and the different visions and strategies to reach the central objectives set, in addition to the lack of some of the legislative environment materials of economic laws that govern the operation economic, which led to turmoil in the application .ala that the Iraqi Central Bank and the banking sector 's footsteps steps big evolution toward transition from Sairafi activity to development activity since the issuance of the laws governing the banking business in 2004 and the issuance of central bank law 56 of 2004 , great achievements have been made in reducing of hyper - inflation that was suffered by Iraq and bringing it to the good rates for the year 2016 amounted to 2 percent as data and financial indicators suggest thatthe Iraqi Central Bank was able to maintain for several years until the present time the Iraqi dinar exchange rate against the US dollar in a balanced way in spite of fluctuation and variation up and down depending on the economic conditions and the difficult financial and economic crisis due to the decline in Asaralinvt and the war on terrorism and speculation that occur in the markets.

where he noted that the daily intervention of the Central Bank of Iraq in the management of the sale and purchase of foreign currency in the light of the details of monetary policy which has been adopted since 4102003 spite of the criticisms and observations many of the exports are really contributed a significant contribution to maintaining monetary stability and face any amounts needed by the market for the purpose of trade financing to the private sector and to meet the needs of the Ministry of finance of currency communities.

Musbandhhzh criticism of the Bank issued instructions and controls and tried to seize control on the violations that occur review daily and follow - up of the money laundering offices in the bank and in the banking and oversight proactive e also Asdragira money laundering guide Takeda to adjust the application of money laundering Act and the new anti - terrorism , in addition to continuing his thinking to adopt a style of documentary credits and their replacement gradually instead of the current approach to control the foreign currency movement and reduce the disposition other than economic targets set for the application of monetary policy.

since the deal buying and selling of foreign currency is one of the largest open market operations to control the levels of domestic liquidity and put surplus cash in the safe in the general budget and consumer spending tracks.

it CBI Hafez in 2016 to stabilize the Iraqi dinar exchange rate against the US dollar on the parallel market up to 1290 dinars per dollar, as recorded in 2012 -2015 rates ranged Ban2230-2250 dinars per Dolarma knowing that the central bank has kept the official price of daily transactions at fixed , a good economic indicator that is exchange rate stability during these years , despite the difficult economic conditions experienced by Iraq during 2014 and 2015 and is still going on because of the sudden drop world oil prices increased by more than 65 percent compared to prices in 2014 and the lack of security and stability and the war on terrorism and speculation in the currency market, but he maintained a balanced rates of up and down, and we expect to return to a normal level , especially after the relative improvement in global oil prices and increased volumes of oil for marketing purposes and the application of the new mechanism adopted by the Central Bank of Iraq in 2017 , as

well as managed the Iraqi Central Bank to keep cash reserves foreigner up to $ 50 billion because of falling world oil prices and the conditions of economic recession. However, the form of the cover Secretary of the Iraqi dinar and to cover Trade up a six - month period , a certified standard rate globally and this marks a clear fact that the CBI has been able efforts and clear over the past two years to boost the tally of foreign exchange in the bank lockers in foreign banks and reserves of gold in Baghdad and abroad is a good fit with oil prices and developments on the local and regional scene.

It must be noted here that the great role that the Iraqi banking system plays as a tool executing monetary policy planned by and oversees the implementation of the Central Bank of Iraq, which constitutes the basic wheel in the financing and management of the economic development process and attracting Iraqi investment, Arab and foreign .

despite what indicated by studies and official reports issued by international organizations and the Central Bank of Iraq that the Iraqi banking sector because of the challenges faced by not contributing requested contribution to the economic development over the past above despite its evolution rates growing since 2003 until 2014, in terms of total assets and capital funds and Odaiah evolved and its credit cash granted and capital adequacy in terms of total assets grown by 8 percent in 2014 compared to 2013 as cash granted Ttoralaytman by 28 Balmayh 2014 compared to 2013.

the recorded warheads money and Alodaya increase 13 Balmayh ratios and 23 Balmayh respectively , a positive indication of the important role played by Almsrgi sector in sustainable development.