GOLDILOCKS
The Iraqi banking system may soon receive banks of another type called (digital banks). What are these banks and will the citizen, the banking system, and the Iraqi economy benefit from them? Files that the beneficiary of the banking sector services in Iraq is trying to ask.
https://economy-news.net/content.php?id=43770
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International Monetary Fund mission for the current year 2024 for Article Four consultations praised the Iraqi government’s measures, including the monetary policy led by the Central Bank of Iraq.
The report indicated that the Central Bank of Iraq has taken several measures aimed at stabilizing the national currency and controlling monetary inflation.
Adding that the Central Bank raised the interest rate on monetary policy tools from 4% to 7.5% and increased the mandatory reserve requirements for banks from 15% to 18%, and these steps were decisive in reducing the inflationary pressures that Iraq suffered from, and this contributed to creating an economic environment. More stable.
The report emphasized that important reforms in the banking sector, such as the gradual increase in bank capital and mergers between small banks, aim to strengthen the banking sector and increase its efficiency and flexibility in the face of economic shocks.
The report noted that Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, as well as the role of the Central Bank of Iraq in expanding relations. Correspondent banking, to facilitate smoother international trade financing operations.
Central Bank of Iraq
Information Office
May 27, 2024
https://cbi.iq/news/view/2592
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