{Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alak, revealed the imminent launch of the {Riyada} bank to support small and micro enterprises.
Al-Alak said in a press statement that “Riyada Bank will be with the contribution of Iraqi banks and with the support of the Central Bank itself in order to diversify the productive base, reduce unemployment levels and provide basic pillars for sustainable development and with the support of competent international organizations.”
He added that “the Central Bank adopts a financing initiative for the purchase of solar systems and the licensing of (Green Bank) to be the first bank in the region specialized in green finance and renewable energy projects as part of facing the challenges of climate change,” noting that he announced this in a session on (the role of central banks in climate change) held in Cairo.
Regarding the impact of tensions in the region on monetary stability, Al-Alak said: “The monetary position in Iraq is (very excellent) at present in terms of controlling inflation and the high sufficiency of foreign reserves, which enables the Central Bank to be stable, defend the exchange rate, and achieve monetary stability, despite the circumstances surrounding the country and the region,” noting that “the reserve covers our needs, and this is what distinguishes the Central Bank of Iraq compared to other central banks in
area.”
Al-Alak stressed that the Central Bank’s success in implementing the transition plan in “external remittances, in accordance with international practices and standards, and that it is currently carried out smoothly and transparently – especially covering imports at the official exchange rate – which leads to general stability in prices, as for personal transfers and the use of cards outside Iraq; Its system is being developed to ensure their smoothness, and it was agreed with all concerned companies on new mechanisms to enhance the relevant accounts.”
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