CBI has Succeeded to Reduce Inflation Rate: CBI Governor

The Governor of Iraqi Central Bank issued a statement that CBI has adopted perfect mechanisms and we have succeeded in stabilizing Iraqi dinar exchange rate and a significant amount of decrease in the inflation rate. He confirmed that CBI will achieve the highest level of financial stability and its participation to overcome financial crisis in the country. He called on private banks to adopt perfect mechanisms about dues for the treatment of farmers and contractors. He added that numbers of private banks have been exceeded up to 30 private banks and 15 branches of foreign and Arab countries to promote their services and products. He delivered his words during business forum of the Iraqi banking sector. The forum was conducted to “Restore Confidence & Prevent Money from withheld Banks”. This forum was started in Beirut in which Governor of Iraqi Central Bank Dr. Ali, General Secretary of the Union of Arab Banks, Wadih Handal the Head of Iraqi Private Banks Association, vice President of the Bank of Lebanon and a number of leaders from Iraqi Banking Sector participated in this forum.

CBI has Succeeded to Reduce Inflation Rate: CBI GovernorThe Governor of Iraqi Central Bank delivered his words at the start of the forum and explained about the activities of CBI to promote the working environment for the Private Banks of Iraq. He added that we have seen a significant amount of increase in the numbers of Iraqi private banks. There are now 30 Private Banks and 15 branches of foreign banks and Arab countries are working in a peaceful environment. He said that we haven’t yet changed or expanded State owned banks because their expansion needs a handsome amount of attention and care from the Iraqi Central Bank. He pointed out about the function of CBI to overcome critical financial problems in the country. The Secretary General of the Union of Arab Banks said that the presence of Lebanese Banks in Iraq are working efficiently due to the Lebanese Banking Sector had experienced more critical problems in the past, but now we are able to handle such those problems efficiently.

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