Mawazine News – Baghdad
The central bank announced that it was able to reduce inflation levels in the country, increase foreign reserves and the volume of deposits in banks and expand electronic payment tools, at a time when the House Finance Committee has made proposals to develop the banking system.
Deputy Governor of the Central Bank Ammar Khalaf said during the opening of the exhibition and the eighth annual conference on finance and banking services, that “the country faced during the past year a series of challenges, but the Central Bank addressed them with high responsibility, as it was able through various monetary policy tools and the right decisions to achieve its goals set in its law, as well as achieve the general level of prices, by reducing the inflation rate, as the inflation rate reached 7.5 percent at the beginning of 2023 and fell at the end to 4 percent.”
Khalaf pointed out that “last year witnessed a clear growth in most of the monetary changes, including the increase in the volume of deposits in the banking sector from 129 trillion dinars during 2022 to 131 trillion dinars in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 trillion dinars, as well as the increase in the volume of credit in the banking sector from 60 trillion to 69 trillion during 2023, in addition to the rise in dependence in the private sector from 35 to 40 trillion dinars, with the increase in the volume of foreign reserves from 140 to 148 trillion dinars.”
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