Iraqi Central Bank Governor Nizar Nasser Hussein confirmed today, Sunday, that most of the deposit funds in the banking sector are guaranteed, noting that the bank will intervene according to its powers and responsibilities in the event of any disruption or shortfall, coinciding with the ongoing implementation of the banking sector reform program.
Hussein stated, during a dialogue with several economic specialists, according to a statement issued by the bank's media, and received by the "Video News Agency," that the central bank possesses reserves, financial tools, and plans to face crises, confirming its ability to manage them. He also pointed out the enhancement of internal control and the adoption of preventive measures regarding financial and banking institutions.
He added that the central bank continues to implement the banking sector reform program in coordination with "Oliver Wyman," indicating that the upcoming phase will witness more positive developments in the sector and enhance its openness to the international financial system.
He clarified that international confidence in the Iraqi central bank is "very strong," emphasizing the importance of the media's role in supporting economic and banking reforms and contributing to improving Iraq's image and enhancing trust in it at the international level.
Regarding the money supply, Hussein explained that the total currency issued for circulation is approximately 107 trillion Iraqi dinars, noting that changing the currency will help in identifying the actual money supply circulating in the markets.
In support of economic activity, he revealed new lending initiatives that the central bank intends to launch to support important and vital projects, contributing to stimulating investment and production and enhancing the role of the private sector in the national economy.
The central bank governor confirmed that banking reform is a "continuing path" aimed at building a more efficient and competitive banking sector, and strengthening its relationship with the international financial system to serve financial and economic stability in Iraq, pointing to the fact that the current government is managed with a vision based on the role of the private sector in economic development.