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Central reserves amounted to $59 billion and 96 tons went gold

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Central reserves amounted to $59 billion and 96 tons went gold

09/9/2018 12:00 am

Director General of Investment Department for {morning}:

Baghdad / Hussein Thugb

A continuous movement of the Central Bank of Iraq to develop the joints of its work and achieve a package of achievements in the level of expansion of foreign financial investments, and the development of performance by adopting the best systems in the region to prove its ability to manage foreign reserves in full.

Director of the Department of Investments in the Central Bank of Iraq d. "The Central Bank has achieved a qualitative shift in performance over the past few years despite the challenges it faced.

If we start from foreign reserves, The sale of the currency and our purchases of dollars from the Ministry of Finance, which led to an increase of reserves amounted to (59) billion dollars at the end of August 2018.

Renewal of deposits

"There has been a development in the management of these reserves, where our reserves were managed by our correspondents and our role was not directly in the renewal of deposits or the sale of currency and other purchase,"
adding that

"in the past we have adopted self-management of a large part of our investments abroad using global trading platforms Such as Reuters and Bloomberg," noting that

"this has brought us returns Additional".

"The central bank has made an appropriate diversification of the reserves, the most recent of which was the investment in Chinese bonds issued by the People's Bank of China.

The Islamic bonds issued by the Islamic Development Bank were also invested, and our reserves of gold were recently increased by six and a half tons, Gold to 96 tons."

Swift Network

"The Central Bank of Iraq is the first in the Middle East to apply self-recognition to all users of SWIFT network, and the first banks in the region submitted this acknowledgment and received a letter of thanks from SWIFT International and valued the efforts of the Central Bank to secure the environment of foreign remittances and comply with all international standards in remittances"

The Central Bank of Iraq works and implements the latest systems and advanced software and surpasses most of the banks in the region a lot of things, and this came with the support of the leadership of the bank and urge the contract with the best international companies that contribute to the development of work mechanisms.


Banks Correspondence

On foreign relations between Ahmed, "the existence of directions to the Central Bank to exploit the opportunity to exit Iraq from the control area of the Financial Action Organization in the promotion and establishment of relations with correspondent banks around the world."

"We are in close contact with the Dutch and French Central Bank. We also have a close relationship with the Arab Monetary Fund and an effective representation in the boards of Arab financial organizations such as the Arab Monetary Fund Arab Trade Financing Program and others."

He stressed "the recent contract with Ernst and Young International to follow up the commitment of Iraqi banks to the user security requirements set by the company, and the company follows the commitment of Iraqi banks to the standards, and through which the report is submitted to us to Swift International, to demonstrate compliance by Iraq and reduce indicators" The central bank controls its financial system and complies with international regulations.

This helps us to expand the circle of international relations and establish banking partnerships with international financial institutions."


Financial obligations

"The Central Bank is working to ensure the payment of the financial obligations of the Iraqi government in cooperation with the Ministry of Finance," noting that

"there is a desire and direction of the Central Bank to activate and find channels of work for Islamic banks in Iraq, and the Bank has an important role in strengthening the financial side and capabilities The export of Iraqi oil and in coordination with the oil marketing company (Sumo) explaining that

"all regional countries have strategies in the marketing of crude oil and here the central bank has a role in this matter, by facilitating the opening of funds in coordination with the oil marketing company (Sumo) For the bride S in the international oil market, so we have to coordinate with SOMO to enter the Islamic banks to open credits and achieve elements to attract the Iraqi oil market as part of a long - term marketing contracts."

HR

"We have a scholarship program for our staff in the United Kingdom and Canada, from 10 to 15 students a year to study master's degrees in various disciplines Finance".

"The Central Bank has achieved its role in the economy through its success in stabilizing exchange rates and controlling acceptable levels of inflation,

and there is a new direction of the Bank, according to the directives of the senior management represented by the Governor of the Central Bank to take the central bank role and be an adviser For the government, in the presence of expertise in the bank and by virtue of the direct and close relationship with the international community and its organizations more than Jealous".

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