Banks and dinar recovery
26/5/2018 12:00 am
More than two months have passed since the stability of the exchange rate and the recovery of the Iraqi dinar and the increase in purchasing power in the market of cash circulation because of the success of the plans and procedures of the Central Bank and the cooperation of the banking sector with him,
which led to convergence of the exchange rate set by the Central Bank with the parallel market price,
despite the pessimistic forecasts that it markets Speculators that the dollar exchange rate will rise during the election and after the results emerge or cause the political circumstances of the US escalation against Iran.
For the purpose of assigning decisions of the Central Bank and maintaining the recovery of the dinar requires the Iraqi banks and branches of Arab and foreign banks operating in Iraq to go to real banking and activate the financing of small and medium enterprises and provide modern electronic banking products and attract deposits and participate in the establishment of the insurance company deposits and the establishment of the national companies to finance large projects,
Which contribute to commercial and Islamic banks and cooperation with the Central Bank in the implementation of its policy in support of the development of the banking sector in accordance with the directives of the Governor of the Central Bank of Iraq last in the periodic meeting The last monthly of banking leaders and emphasis on the stability of the exchange rate and recovery of the Iraqi dinar.
And that this goal will remain one of the objectives of the central bank, which requires direct banks to immediately leave the total dependence on the window selling foreign currency in its financial activity.
The time has come for our banks to move to the practice of real banking, which is to provide modern banking products to the public and provide the best services to customers and work to increase the coverage Financial.
The banking sector should play an important and important role in the development and revitalization of the economic cycle, stressing that the stability of the exchange rate should not make banks afraid of their future in the banking market.
On the contrary, the stability of the exchange rate should be an incentive to improve the banking sector and achieve growth in the national economy and stability in the monetary and financial system. And investment orientation And reconstruction.
* Economic and banking consultant
The above article seems to be an update of
5/9/2018 article by same author
Exchange rate stability and real banking work
Last edited by ikea on Fri May 25, 2018 11:05 pm; edited 2 times in total