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FRANK26: "MONETARY REFORM OF THE IQD ON THE LAUNCHING PAD".......F26
Central Bank: The launch of the “Riyada” Bank is imminent to support small projects, and our monetary position is “very excellent”
12/2/2024
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, revealed the imminent launch of the {Riyada} Bank to support small and micro projects.
Al-Alaq said in a press statement that "Riyada Bank will be contributed by Iraqi banks and supported by the Central Bank itself in order to diversify the production base, reduce unemployment levels, and provide basic pillars for sustainable development with the support of specialized international organizations."
He added that "the Central Bank is adopting a financing initiative to purchase solar systems and license the (Green Bank) to be the first bank in the region to specialize in green financing and renewable energy projects as part of confronting the challenges of climate change," indicating 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-Alaq said: "The monetary position in Iraq is (very excellent) at the present time in terms of controlling inflation and the high adequacy of foreign reserves, which enables the Central Bank to remain stable, defend the exchange rate, and achieve monetary stability, despite the circumstances surrounding the country and the region," indicating that "the reserve covers our needs, and this is what distinguishes the Central Bank of Iraq compared to other central banks in
the region."
Al-Alaq confirmed "the success of the Central Bank in implementing the transition plan in "foreign transfers", in accordance with international practices and standards, and that it is currently being 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, their system is being developed to ensure their fluidity, and an agreement has been reached with all concerned companies regarding new mechanisms to enhance the relevant accounts."
He added that "the Central Bank is adopting a financing initiative to purchase solar systems and license the (Green Bank) to be the first bank in the region to specialize in green financing and renewable energy projects as part of confronting the challenges of climate change," indicating 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-Alaq said: "The monetary position in Iraq is (very excellent) at the present time in terms of controlling inflation and the high adequacy of foreign reserves, which enables the Central Bank to remain stable, defend the exchange rate, and achieve monetary stability, despite the circumstances surrounding the country and the region," indicating that "the reserve covers our needs, and this is what distinguishes the Central Bank of Iraq compared to other central banks in
the region."
Al-Alaq confirmed "the success of the Central Bank in implementing the transition plan in "foreign transfers", in accordance with international practices and standards, and that it is currently being 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, their system is being developed to ensure their fluidity, and an agreement has been reached with all concerned companies regarding new mechanisms to enhance the relevant accounts."
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