The Central Bank of Iraq supports the establishment of a sovereign fund for future generations
The Central Bank of Iraq supports the establishment of a sovereign fund for future generations
September 22, 2021 3:28 PM
Mubasher: The Central Bank of Iraq confirmed, today, Wednesday, its support for the establishment of a sovereign fund for future generations.
A central bank statement said today, Wednesday, that “the Governor of the Central Bank, Mustafa Ghaleb, participated in the financial and banking services exhibition held in Baghdad, along with the Minister of Finance and a number of representatives of the banking and financial sector.”
In his speech, he emphasized that “the central bank has an important role in achieving macroeconomic balance through various monetary policy tools, especially after the financial and economic challenges that Iraq faced.”
He pointed out that “this bank – and in order to stimulate economic activity and reduce unemployment – launched an initiative with an amount of more than 5 trillion dinars in addition to the previous initiative that was launched in 2015, in addition to the fact that the Central Bank deducted treasury transfers 2020 and 2021 for the necessary funding for the Ministry of Finance despite the fact that Debt increase and negative impact, but historical necessity requires it.”
He added that “the bank is working with the Ministry of Finance to reform government banks, enhance financial inclusion and develop infrastructure for technical services and cybersecurity.”
The governor added, “The central bank supports the establishment of a sovereign fund for future generations, to which state institutions and oil revenues contribute,” noting that “the presence of this fund mitigates the potential risks in light of oil price fluctuations, and contributes to building a secure future for future generations.”
mubasher.info
