There have been a few encouraging reports released today that are very interesting and of course also to interpretation.
The CBI Governor held a meeting with bank officials & managers for the sole purpose of supporting bank policy and how to further contribute to the building the Iraqi economy.
Considering their job description we are led to believe one or possibly all of the following issues are being discussed, negotiated or prepared for implementation. They are either determining ways to control interest rates, the nation’s entire money supply or to implement new monetary policies.
The agenda most likely includes the current state of the nation’s entire money supply, addressing corruption and the state and management of the country’s foreign exchange and gold reserves and the government’s stock register.
Also, how to best manage inflation. Most importantly when and how to increase the IQD exchange rate.
Today another report said that “Iraq is making the advancement of economic reality and linked to more than 153 countries. This establishment of an international Trade Point in Iraq will bring substantial benefits to help the advancement of the economic reality of Iraq and its openness to global markets.” End Quote –
To me this is a clear indication they are making an effort to go international and also meet the necessary requirements for WTO accession. This is just my opinion, let’s give it some time to let this play out before we jump to conclusions but hard to argue that Iraq certainly appears to be moving in the right direction.
Today’s Article – CBI Governor, Abdul Basit Turki, Held A Meeting Today With Bank Officials and Managers Supporting Banking Policy; These banks to perform its national role and contributing in building the economy of Iraq. CBI confirms it continues to support the banking activity in accordance with the declared policy.
Baghdad, said the Iraqi Central Bank, on Thursday, continuing to support the banking activity in accordance with the policy stated, as called for all relevant parties to avoid irresponsible remarks that do not conform with the facts which it operates, the bank said in a statement issued today.
The Governor of the Bank and the Agency Abdul Basit Turki held, today, a meeting with a number of managers of Commissioners and officials of private banks,” noting that “the governor said during the meeting to the bank continued to support the banking activity in accordance with the policy stated, Since qualifies these banks to perform its national role and contributing Avenue in building the economy of Iraq.
Said the bank that he “is the only entity and reference in the administration and the announcement of monetary policy in Iraq,” calling on all relevant parties to “avoid irresponsible remarks which are not consistent with the facts that works out.
He said the bank that he “will continue to announce in a transparent manner for all procedures stated its policy cash to the public and stakeholders.” and founded the Iraqi Central Bank as a bank independent under its law issued on the sixth of March of the year 2004, as an independent body.
Which is responsible for maintaining the stability of the prices and the implementation of monetary policy, including exchange rate policies are being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays, which stops the bank for the auction.