The Central Bank Achieves One Of The Basic Goals Of Monetary Policy In 2023
Samir Al-Nusairi Economy News – Baghdad The objectives of the monetary policy of the Central Bank are to achieve economic growth and stability, and one of its primary objectives is to reduce inflation rates and stabilize the prices of goods and services in very complex economic, security and political conditions in 2023 that the world is going through, especially the countries of the geographical region in which our country is affected negatively and positively.
Our economy has suffered from these conditions for decades, and the reason is the rentier economy and the dependence of 93%,
as an average, of the general budget on oil, which constitutes approximately 60% of the gross domestic product, while the active economic sectors, which are agriculture, constitute 4.7% and industry do not exceed 2%.
These are indicators that led to the lack of Local production covers the consumption needs of citizens for food and other basic materials. Therefore, the reliance was almost entirely on imports for the private commercial sector and from various origins.
Successive governments were unable to control internal trade and regulate foreign trade, and control over illicit trade and unofficial border crossings was weak, which led to the impact of The monetary and commercial market, and the prices of food and essential items for citizens rose at high rates during the years 2021 and 2022.
Therefore, this indicator was the most prominent challenge facing monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government in 2023 to regulate foreign trade.
And controlling external transfers and regularity in the global financial and banking system by developing the electronic platform and working to prepare and launch a new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for large and registered merchants and for every merchant, regardless of his classification, at the official rate via The platform exclusively helped reduce prices for most food and essential items within balanced rates commensurate with their prices in the global commercial market, in the country of origin, and in the markets of most regional countries.
This was achieved through analyzing the indicators of the annual inflation rate for the year 2023, which was published by the Central Bank, in comparison with the annual inflation rates.
For the year 2022 achieved in Iraq and in the regional countries, as it is clear from official data that the annual inflation rate reached 3.7% in 2023 and 4.4% in 2022, and that most other countries with unstable economies have reached very high rates of inflation, reaching % in Turkey. 80.2%, in Sudan 117.4%, in Iran 40.0%, in the Arab Maghreb countries with relative economic stability in Tunisia, Algeria and Morocco 9.3%, 9.0% and 5.0% respectively, and in Egypt it reached 37.4% and ranged In the Gulf countries with stable and oil-rich economies, the range is between (2.4%-4.8%).
This confirms beyond doubt that the Central Bank’s strategy and procedures during this year achieved one of the basic goals of monetary policy, which is reducing the rate of inflation and maintaining the general level of commodity prices. And services, and he is currently working to achieve other goals, which are stabilizing the exchange rate and maintaining a foreign reserve covering the local currency in circulation and imports, which exceeded 100 billion dollars.
So, the economic results and outcomes confirm that the policies and procedures undertaken by the Central Bank this year have achieved an important goal of achieving stability in the monetary system, which is an important step in achieving the other goals of monetary policy.
Views 171 11/12/2023 - https://economy-news.net/content.php?id=37458
No comments:
Post a Comment