CENTRAL BANK GOVERNOR: THE BANK IS PUTTING THE FINAL TOUCHES TO ITS LENDING STRATEGY
Today, Monday, October 9, 2023, Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, chaired the thirtieth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Industry, Trade, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, and the Chairman of the National Investment Authority. Advisor to the Prime Minister for Legal Affairs.
The Council discussed the items on its agenda and took appropriate decisions regarding them. The Council hosted the Undersecretary of the Ministry of Agriculture and the Prime Minister’s Advisor, two members of the special committee to study the methods of support provided to the agricultural sector and the possibility of their sustainability in light of the water and financial situation, and to benefit from global experiences and modern methods of irrigation, agricultural mechanization, and support for strategic agricultural crops.
The Council also discussed the recommendations of the committee formed to support private banks in order to advance the work of these banks to be an important part of the Iraqi economy.
The Governor of the Central Bank indicated that the bank is putting the final touches to the lending strategy, and is continuing to implement decisions related to electronic payment.
Given the importance of the wastewater treatment unit project to preserve the environment, reduce pollution, and contribute to increasing the life of production machines and protecting them from damage, the Council decided to change the method of implementing this project to contribute to accelerating its completion.
(Why was this meeting so important? As we all should know if they are going to stop the currency auctions next year, then the banks will need alternative sources of generating revenues (banking products, loans, investments, etc). This meeting was an update and a kick start for this effort. Yes, the change from the dollar is going to be VERY painful but Iraq has to do it or we will not be exchanging our dinar. Get it? )
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