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ICB Presenting financial
adjustment with available reserve
ICB Presenting financial
adjustment with available reserve
13/09/2006
Source: Al-Sabah
The Iraqi Central Bank assured that the country
is improving in the field of reforming the financial
sector in spite of the continuing violence and enough
reserves are available to support the local currency.
Sinan Al-Shibibi, Governor of the Bank, emphasized
the possibility of succeeding to maintain a stable
financial status in Iraq if the reserves are enough
to keep the currency exchange rate stable. He pointed
out that the net foreign cash
reached 10 billion USD at a rise estimated by 2
billion USD since last January. This matches the
set down limit within the program of the International
Monetary Fund.
Al-Shibibi said that increasing violence kept the
inflation high about 10% over the set down limit
of the Bank. Part of this is due to the unexpectedly
high security costs. He anticipated that the country
would not only maintain economic stability but also
achieve more progress after the improvement of security
status. Al-Shibibi pointed out that Iraq is on the
right track in its financial reforms including:
the change of banking system from one depending
on cash to another depending on trust as well as
improving banks' managements and developing the
technology they use to conclude transactions.
