Monday, November 27, 2023

Governor of Central Bank of Iraq Confirms Financial Stability Amid Concerns, 27 NOV

 Governor of Central Bank of Iraq Confirms Financial Stability Amid Concerns


In a move to address the growing concerns about the Iraqi dinar, the Governor of the Central Bank of Iraq, Ali Al-Alak, took to the Iraqi News Agency (INA) to affirm the financial stability of the country. Al-Alak stated that the country’s monetary condition is robust, with over 100 trillion dinars in circulation, 70% of which are actively traded.

Addressing Stalled Projects

Al-Alak highlighted the existence of numerous stalled projects within the country, assuring that the Prime Minister is paying significant attention to this issue. Rapid work is underway to address these projects and bring them to fruition, which will further bolster the country’s economy.

Investment Projects on the Rise

The Governor also emphasized a growing interest in investment projects within the country. This trend is being fueled by the current stability in financial and monetary conditions. Investors are finding Iraq an increasingly attractive destination for their ventures, which is a positive sign for the nation’s economic future.

Shift Towards Electronic Payments

In line with the global trend towards digital transformation, Al-Alak emphasized a strategic shift towards electronic payments. This move is geared to minimize cash-based transactions and align with the fourth industrial revolution. The Governor outlined a comprehensive strategic plan to expand electronic payment systems in Iraq, emphasizing the associated risks of holding cash and the importance of keeping pace with technological advancements. This approach will benefit the citizens, the state, and the economy.

https://bnn.network/world/iraq/governor-of-central-bank-of-iraq-confirms-financial-stability-amid-concerns/

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