Al-Rafidain Forum hosted CBI Governor

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Today, Tuesday, the Al-Rafidain Forum for Dialogue hosted His Excellency the CBI Governor, Mr. Mustafa Ghaleb Mukheef, in the presence of local and international personalities. His Excellency said during the special meeting on the sidelines of the forum activities, which was launched yesterday, Monday, under the slogan "The World Is Changing": “International banks had important roles during the Corona pandemic, and the CBI moved from its traditional role to modern banking, as it prepared a five-year strategy to face challenges and circumstances”. His Excellency pointed out that the CBI presented a unique development initiative that had an internal and external resonance, and provided financial liquidity to many sectors, while facilitating the procedures for granting it through government and private banks, which led to moving the wheel of the Iraqi economy.

 

He added: The banking sector is affected by the challenges, indicating that the bank's management has made tours in several countries to establish joint banking and economic relations within the objectives set for the CBI. On the other hand, His Excellency indicated that a team from the CBI is studying the issuance of digital currency. His Excellency pointed to the issue of structuring the currency and deleting zeros, which require a law to be legislated by Parliament, as a draft law was submitted years ago, and it needs amendments. He revealed that a new currency in the category of (20) thousand dinars will soon be issued after the studies and research that were conducted, and the economic feasibility of it, stressing that the CBI is about to complete the design of the new currency, and it will be announced after completing its printing.

 

His Excellency added: “We have worked to implement international standards to combat money laundering and terrorist financing, with joint efforts with the concerned and competent authorities with great government support noting that the CBI has drawn up a plan to reform the governmental and private banking sector, and that there are a number of measures in this regard that require the cooperation of the concerned authorities”. Then he looked at the tasks of the bank’s branches in the governorates by covering the southern and northern regions, and the need to cover the Middle Euphrates region has emerged, and through the studies that were conducted, the Najaf governorate was chosen to cover that region in order to reviving it economically.

 

Regarding the process of changing the exchange rate of dollar, His Excellency the Governor confirmed that it was due to the circumstances that Iraq faced at the time that obligated the bank and the government to change it, stressing that there is no intention of the CBI to make a change in the exchange rate of dollar.
 

Central Bank of Iraq

Media Office

27.Sep.2022