CBI’s Monetary Policy is Important to Develop the Production Sector

Adopting the monetary policy by the Iraqi Central Bank would move Iraq to empower the Iraqi production sector and using these methods implemented by the Central Bank of Iraq would enhance the economy of the country. An economic expert Karim Mustafa also issued a press statement that the rise in the U.S dollar exchange rate against the Iraqi dinar would participate in increasing the import level, which would reflect a negative impact on the capability of the Iraqi local production. It will be a warning to compete the market and this briefing on mathematical statement will force to search for new sources in order to diversify the Iraqi budget resources in the way of production.

Mustafa further added that most of the economists know the importance to control the banking sector in the presence of a large number of banking companies in transferring funds to encourage the market. It is also important to add some more effective methods that is stopping the imports in most of the countries globally. He also demanded to float the exchange rate automatically using the most powerful mechanisms and to float the U.S dollar exchange rate because it will affect the Iraqi living standards. He also pointed out that the Iraqi support is most important in the oil, electricity, health and water sectors. The government and the CBI should review important topics for economic growth.

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