Baghdad – IA
The report issued by the Worldwide Financial Fund mission for the present yr 2024, at present, Monday, praised the Iraqi authorities’s financial coverage measures, whereas noting that Iraq has carried out new compliance measures to enhance the transparency of cross-border monetary transactions.
A press release issued by the Central Financial institution of Iraq, obtained by the (INA), acknowledged that “the report issued by the Worldwide Financial Fund mission for the present yr 2024 for Article 4 consultations praised the Iraqi authorities’s actions, together with the financial coverage led by the Central Financial institution of Iraq.”
The report indicated that “the Central Financial institution of Iraq has taken a number of measures geared toward stabilizing the nationwide foreign money and controlling financial inflation,” noting that it “raised the rate of interest on financial coverage instruments from 4 % to 7.5 % and elevated the obligatory reserve necessities for banks from 15 % to 18 %.” “These steps have been decisive in lowering the inflationary pressures that Iraq suffered from, and this contributed to making a extra steady financial atmosphere.”
The report burdened that “essential reforms within the banking sector, such because the gradual enhance in financial institution capital and mergers between small banks, purpose to strengthen the banking sector and enhance its effectivity and suppleness within the face of financial shocks.”
The report famous that “Iraq has carried out new compliance measures to enhance the transparency of cross-border monetary transactions, by launching an digital platform that imposes the disclosure of monetary beneficiaries, which reinforces the integrity of monetary transfers in accordance with worldwide banking requirements, along with the position of the Central Financial institution of Iraq in increasing Correspondent banking relationships, to facilitate smoother worldwide commerce financing operations.”