📚 78 Years of Iraq’s Central Bank: From Tradition to Transformation 💼📈 | Inside the Vision of Al-Alaq
🔍 Key Highlights – The Legacy & Future of Iraq’s Monetary Policy
🏦 From 1947 to 2025: A Journey of Challenges & Reform
The Central Bank of Iraq (CBI) has undergone major transformation over its 78-year history, evolving from a traditional central bank to a modern, tech-driven institution leading the way toward financial stability and economic reform.
📘 Al-Alaq’s Writings Capture It All
Two foundational books by Dr. Ali Mohsen Al-Alaq, the CBI Governor, offer deep insight into this evolution:
"Writings on Monetary Policy and Financial Stability" (2021)
"Managing the Central Bank: From the Margins of the Past to the Body of the Future" (2022)
📊 Core Themes Across Both Works:
Transition from traditional to unconventional monetary policy
Push toward a digital economy
Evolution of the exchange rate system
Real-world responses to economic crises and budget deficits
Introduction of modern oversight tools and international standards
🧠 What Makes These Books Important:
They reflect the
intellectual and strategic depth behind Iraq’s monetary policy. Al-Alaq outlines how the CBI:
Helped stabilize Iraq during the 2015–2016 crises
Implemented reforms between 2015–2025
Managed declining reserves while maintaining confidence
Introduced strategic planning, risk-based oversight, and FATF compliance
🏛️ The Fifth Era of the CBI (2015–Present):
A shift toward:
Banking modernization
Enhanced financial governance
Strengthened monetary policy credibility
Support for non-oil sectors like agriculture & industry
True move from a rentier economy to a productive one
📉 Currency Sale Window Transparency
Explored in detail: the reasoning, economic and legal contexts behind CBI’s foreign currency sales mechanism and its connection to broader reforms.
📑 Banking Sector Reform in Focus
Chapter Seven details the CBI’s vision and actions in restructuring the banking sector, improving access to credit, and supporting a strong financial system.
🧩 Takeaway:
These books aren’t just history—they're the blueprint for Iraq’s financial future. With a steady hand and clear strategy, the CBI under Al-Alaq has become a pillar of economic stabilization, banking reform, and digital transformation.
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