cash reserves exceeded 70 billion dollars

Baghdad / Obelisk: The Central Financial institution of Iraq introduced, on Tuesday, April 19, 2022, that its money reserve has risen to greater than $70 billion, whereas noting that its initiatives to assist the financial sectors amounted to fifteen trillion dinars.

The Deputy Governor of the Central Financial institution, Ihsan Al-Yasiri, mentioned throughout a televised interview, which was adopted by the obelisk, that one of many features of the Central Financial institution is to watch the banking sector, indicating that the federal government banking sector used to accumulate 85 p.c of the deposits of establishments and the general public.

He added that the financial perform of banks requires the separation of possession from administration, mentioning that the Central Financial institution has targeted within the latest interval on the conduct of banks.

He continued: We have now greater than 70 banks, 7 of that are governmental, and half of them are inside the wonderful degree, stressing that the banks face a serious downside in legislation enforcement.

He defined that banks’ dangers in loans enhance by 30-40%, noting that the rate of interest rises with the rise in dangers.

He careworn that the initiative of the Central Financial institution for the housing sector is interest-free and the remainder of the sectors in various proportions, indicating that greater than 46 trillion dinars are central financial institution loans to the Ministry of Finance.

He identified that the 5 trillion initiative amounted to 9 trillion dinars, and all our initiatives amounted to fifteen trillion dinars, explaining that building loans for residents are with out curiosity.

He concluded his speech by saying that the Central Financial institution’s reserves exceeded 70 billion {dollars}.

LINK