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Report of the International Monetary Fund on its consultations with Iraq on Article IV for the year 2024
May 27, 2024
The report issued by the 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.
:diamonds: To view the full report.. Click here
https://cbi.iq/static/uploads/up/file-171680826797299.pdf [in both Arabic and English]
Central Bank of Iraq
information Office
May 27, 2024
https://cbi.iq/news/view/2592
May 27, 2024
The report issued by the 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.
:diamonds: To view the full report.. Click here
https://cbi.iq/static/uploads/up/file-171680826797299.pdf [in both Arabic and English]
Central Bank of Iraq
information Office
May 27, 2024
https://cbi.iq/news/view/2592
