Iraqi Central Bank News: Boosting Financial Growth

The Iraqi Central Bank has been working hard to boost financial growth in the country. In 2019, the bank announced a new monetary policy framework aimed at stabilizing the Iraqi dinar and encouraging foreign investment.

This move was a significant step towards reducing the country's reliance on oil exports and promoting economic diversification. The bank's efforts have been paying off, with inflation rates decreasing and economic growth increasing.

The Central Bank of Iraq has also implemented measures to improve the country's financial inclusion, such as increasing the use of digital payments and expanding access to banking services. This has helped to reduce poverty and increase financial stability.

As a result of these efforts, Iraq's economy has been showing signs of recovery, with GDP growth increasing and the country's credit rating improving.

Iraq's Central Bank has expanded foreign currency transfer options for local banks, allowing them to fund trade with Turkey in Euros. This is a significant development, as it previously was restricted to transactions with EU countries.

Iraqi banks can now also transfer funds in Jordanian Dinars and Saudi Riyals, joining existing currencies. This move is expected to boost trade and commerce between Iraq and its neighboring countries.

The Central Bank of Iraq has also reported strong financial growth, with a 4.2% increase in total deposits in banks from Q3 2023 to Q3 2024. This growth is a positive indicator of the country's economic stability.

Iraq's gold reserves have also seen a significant increase, rising by 57% in recent months. This is a testament to the country's efforts to diversify its economy and reduce its reliance on oil exports.

The Frankfurt School of Finance is working with the Iraqi Private Banks League to enhance collaboration in training, consultancy, and academic activities.

This partnership is part of the Public Finances and Financial Markets in Iraq project, organized by the German Corporation for International Cooperation.

The Iraqi Private Banks League has signed a cooperation agreement with the Frankfurt School of Finance and Management in Germany to achieve these goals.

The agreement aims to strengthen ties between the two parties and promote mutual understanding in the banking sector.

The Frankfurt School of Finance has a strong reputation for providing high-quality training and consultancy services, which will be beneficial for the Iraqi banking sector.

This partnership is a positive step towards developing the banking sector in Iraq, and it's exciting to see international cooperation in action.

Iraq has increased its quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars.

This 50-percet increase in Iraq's previous quota will likely have a positive impact on the country's financial stability and economic growth.

The Iraqi Cabinet approved this increase in a meeting, showing their commitment to strengthening the country's financial position.

Iraq's total deposits in banks grew by 4.2% in Q3 2024 compared to the same period in 2023, reaching a value of 127.6 trillion dinars.

The Central Bank of Iraq (CBI) has reported positive financial indicators for Q3 2024, highlighting the success of its monetary policy during the year.

Iraq's gold reserves have increased by 57% in recent times, indicating a significant improvement in the country's financial health.

Iraq's increase in IMF quota is equivalent to approximately $1.1 billion based on the exchange rate as of October 8, 2024.

The Iraqi government is taking significant steps to phase out cash payments, a move that's expected to bring about a more efficient and streamlined financial system. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems.

The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. This collaboration between government agencies and the CBI will help ensure a smooth transition.

75% of Iraq's money supply remains outside of the banking system, which is a major challenge for the government's efforts to promote digital payments. However, the government is committed to addressing this issue.

The Iraqi Private Banks Association has given its full support to the prime minister's initiative to digitize salary payments for private sector employees, vowing to help make this vision a reality. This support from the private sector is crucial for the success of the government's plans.

Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting on comprehensive reforms for Iraq's financial and banking sector, which included stricter oversight of financial transfers and actions against speculators. This meeting marked a significant step towards reforming the financial sector.

The Central Bank of Iraq (CBI) and the Ministry of Labor are working together to develop a framework for digital salary payments, which will help reduce the reliance on cash. This is a significant development in the government's efforts to promote digital payments.

Iraq's Ministry of Finance is taking a step towards financial stability by issuing a new series of its "Injaz/Enjaz" bonds.

The bonds will be offered in two denominations, with one being a bond of 500,000 Iraqi dinars.

The Ministry of Finance has made a statement about the new bond series on social media, but it's not yet available on the Ministry of Central Bank of Iraq's websites.

This move could help attract investors and boost the Iraqi economy.