Allawi identifies the elements of economic stability and stresses: The banking sector is a fundamental pillar
Saturday, July 2, 2022 10:39 AM
National News Center/ Baghdad
Today, Saturday, Finance Minister Ali Abdul Amir Allawi identified the
elements of stabilizing the economy of the higher policies of the state and the central bank, while
companies outside the oil sector cost the state billions of dollars.
Allawi said, in a press statement followed by / the National News Center /, that "the
banks have gone through difficult circumstances since the beginning of 2020 after the drop in oil prices to unprecedented levels and the impact on the economy," stressing that "the
banking and financial sector is the most important pillar in the economy, not just state resources.
Diversifying the economy is an urgent necessity.”
And he indicated that "there are
3 basic elements for the stability of the economy, the
supreme policies of the state and the central bank, and secondly, the
international situation and direct and indirect external influences on the Iraqi economy, and the third is the
He explained that "the
banking sector has grown in terms of deposits, loans and ratios between the public and private banking sectors.
The same percentages are still 75% of deposits in government banks," noting at the same time that
reforming government banks is a vital issue and an essential part of transforming the economy from rentier to diversified.
The Minister of Finance added that
“government banks have been isolated from the world for 40 years, but
the Central Bank has started since mid-2020 in cooperation with the Ministry of Finance in reforming government banking institutions, and that
there is cooperation to reform the internal system of Rafidain and Rashid banks.”
He noted that
"companies outside the oil sector cost the state billions of dollars."