The Governor of the Central Bank of Iraq is hosted by the Al-Rafidain Forum

At the moment, Tuesday, Al-Rafidain Discussion board for Dialogue hosted His Excellency the Governor of the Central Financial institution of Iraq, Mr. Mustafa Ghaleb Mikhaif, within the presence of native and worldwide personalities. His Excellency mentioned through the particular assembly on the sidelines of the discussion board’s actions, which was launched yesterday, Monday, below the slogan “The World is Altering”: Worldwide banks had essential roles through the Corona pandemic, and the Central Financial institution of Iraq moved from its conventional function to trendy banking, because it ready a five-year technique to fulfill challenges and circumstances. His Excellency identified that the Central Financial institution of Iraq offered a novel growth initiative that had inner and exterior resonance, and offered monetary liquidity to many sectors, whereas facilitating the procedures for granting it via authorities and personal banks, which led to shifting the wheel of the Iraqi economic system.

He added: The banking sector is affected by the challenges that happen within the Iraqi enviornment, indicating that the financial institution’s administration has made excursions in a number of nations to determine joint banking and financial relations inside the goals set for the Central Financial institution of Iraq. Alternatively, His Excellency indicated {that a} crew from the Central Financial institution of Iraq is finding out the issuance of digital foreign money. His Excellency touched on the problem of structuring the foreign money and deleting zeros, which requires a regulation to be legislated by Parliament, as a draft regulation was submitted years in the past, and it wants amendments. He revealed the approaching launch of a brand new foreign money of (20) thousand dinars after the research and analysis that had been carried out, and the financial feasibility of them, stressing that the Central Financial institution is working to finish the design of the brand new foreign money, and will probably be introduced after finishing its printing.

His Excellency added: We’ve labored to implement worldwide requirements for combating cash laundering and terrorist financing, with joint efforts with the involved and competent authorities with nice authorities assist. Noting that the Central Financial institution of Iraq has drawn up a plan to reform the governmental and personal banking sector, and that there are a selection of measures on this regard that require the cooperation of the involved authorities. Then he referred to the duties of the financial institution’s branches within the governorates by overlaying the southern and northern areas, and that the necessity arose to cowl the center Euphrates area, and thru the research that had been carried out, the Najaf Governorate was chosen to cowl that area to be able to revive it economically.

Concerning the method of adjusting the greenback trade price, His Excellency the Governor confirmed that it was as a result of circumstances that Iraq confronted on the time and obligated the financial institution and the federal government to vary it, stressing that there isn’t a intention of the Central Financial institution of Iraq to make a change to the greenback trade price.

Central Financial institution of Iraq
Media Workplace
27 – September – 2022

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