A statement issued by CBI's Board of Directors

       In line with the development of the democratic process in Iraq and the resulting rotation of the authorities in a positive and stable atmosphere, the Central Bank of Iraq looks forward to continuing to play its pivotal role in building the state to improve the financial and economic situation in Iraq. This optimism supported by a strong financial reserve exceeding the US $ 60 billion because of the fiscal and monetary policies adopted by the Central Bank over the past years to stabilize the general financial situation, especially in 2014 and the years that followed, with financial conditions at their lowest levels. These years threatens the ability of the state to cover the operational expenses and salaries of employees. However, despite the difficult circumstances of low oil prices and the high cost of Iraq's war against the terrorist to liberate its territory. The central bank continues to manage the country's reserves sufficient to meet international standards and to strengthen the country's financial capabilities with not less than (16) trillion dinars in the form of remittances discounted, which led to support financial stability and contribute effectively to overcome the crisis. As a continuation of the central role of the central bank as a pillar of the country's economy, a positive improvement in oil prices coupled with sound fiscal and monetary policies will enable the Iraqi government to pay early remittances and increase the value of reserves to higher levels. The central bank's monetary policy will continue to play an active role in maintaining exchange rates and reducing the gap between official and market prices under highly complex internal and external circumstances. This is in addition to playing a central role in controlling the inflation rate and reaching the low levels of less than (1%) to maintain the general level of prices and attract investment. As the central bank ensures the safety of the financial system, it will continue to play this role and more effectively in the next phase as the bank of the State to promote the Iraqi economy and support for reconstruction and investment efforts, which was the implementation of the largest lending initiative for the housing sector has exceeded two trillion dinars and other lending programs.

Board of Directors

       Baghdad 

     24/10/2018