Government Advisor: The Monetary Enhancement Mechanism Will Maintain Financial Stability In The Country, 5 JAN

 Government Advisor: The Monetary Enhancement Mechanism Will Maintain Financial Stability In The Country

 
Economy    Today, Baghdad - INA - Amna Al-Salami  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Friday, that the  Central Bank has adopted the monetary enhancement mechanism to feed national banks’ requests for foreign currency, indicating that the  
monetary enhancement mechanism will maintain financial stability in the country. 

Saleh stated to the Iraqi News Agency (INA) that “the function of the central bank will continue to move in two directions: the    first is to meet the needs of national banks for foreign currency with their correspondents, which confirms that the new monetary enhancement mechanism will work to provide monetary stability on the part of the monetary authority in the two issues of continuing the policy of monetary sterilization.” 

 Which is concerned with controlling local liquidity levels by exchanging foreign currency for dinars,” pointing out that “the new monetary enhancement mechanism will maintain a fixed exchange rate of 1320.”

One dinar for every 100 dollars, which will enable the Central Bank to achieve stability in the external value of the Iraqi dinar by controlling the growth in the money supply within the operational objectives of monetary policy  through the so-called monetary transfer mechanism to achieve the intermediate or real long-term objectives in achieving stability in The general level of prices or reducing the growth in inflation rates, and
 
this comes in conjunction with the stability of the exchange rate and the growth of the money supply to achieve stability in the general level of prices.”  Saleh added,
 
“The second trend is to provide foreign currency to correspondents of national banks in order to facilitate the stability of the real supply of basic goods and services flowing to the internal market with high smoothness, and to make compliance control over the disposal of foreign currency at two levels:
 
     national through the  Office of Combating Money Laundering and Terrorist Funds, and
     external, represented by “The role of correspondent banks that undertake the task of auditing compliance issues.”      https://www.ina.iq/224986--.html