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Central Bank Governor: Inflation rate does not exceed 2%

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Central Bank Governor: Inflation rate does not exceed 2%

Since 2018-04-26 at 19:03 (Baghdad time)
Baghdad - Mawazine News


The governor of the Central Bank Ali Al-Alak, on Thursday, the arrival of total assets in banks operating in the country to 200 billion dollars, while he pointed out that the inflation rate in Iraq does not exceed 2%.

Al-Alak said in a speech at a meeting of "partnership in investment" in the Forum of investment opportunities and reconstruction in Iraq, "The cash credit provided by banks amounting to 30 billion dollars and weaken this figure of credit contract."

He added that "the central bank ordered the banks to amend the organizational structure and the establishment of risk units and combating money laundering and the financing of terrorism and others, and the bank has developed the payment system and will soon launch payment by mobile phone."

"Last year, we launched the unified system known as IBAN for all accounts. Iraq is one of the 47 countries in the world that implements this system, which facilitates the process of transferring money," he said.

He added that "MasterCard will establish a school in Iraq to develop young people to use credit cards and others," adding that

"the inflation rate in Iraq does not exceed 2%."

He pointed out that "the coming period will witness a decline in the rate of inflation in Iraq after controlling the exchange rate and the abolition of the marginal price of the dollar and make it equal to the official price and this measure by the Central Bank supports the purchasing power of citizens and provides an important indicator for businessmen through the stability of the working environment."

He pointed out that "the dollar exchange rate is considered at the current stage is the best because it has become an ideal price and gives confidence to investors in maintaining the return of their activities."

On Thursday, the National Investment Commission signed agreements to establish investment projects with foreign and Arab companies during the Investment Opportunities Forum in Baghdad

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