77% of Iraqi Currency is being traded outside Iraqi Banking Sector: CBI Governor

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The Governor of the Iraqi Central Bank issued a statement that at least 77 percent of the Iraqi dinar currency is being traded in the constructing and investing for the residential buildings.

He also pointed out that Iraqi Central Bank is working on a plan to bring these funds to invest in the banking sector. He delivered this statement during the 3rd banking conference arranged in Rashid Hotel in Baghdad by the Association of Iraqi banks. He further added in his statement that at least 77 percent of the Iraqi currency is circulating as investment for the residential buildings. He pointed out that these funds are circulating outside the Iraqi banking sector.

He stressed the Iraqi banks should offer best services to their customers to motivate in order to bring this money inside the Iraqi banking sector. It would participate in resettlement for running the Iraqi economy. He also added that the Iraqi Central Bank has made a plan to motivate those investors and bring these funds for the investment purpose in order to move the Iraqi economy in progressive direction. It is important that Iraqi Central Bank was formed according to the law on 6th March 2004 as the independent bank with an independent body. The Iraqi Central Bank is responsible to maintain the sustainability of the Iraqi dinar and to implement the monetary policy, including the foreign currency sales auction at the Iraqi Central Bank.

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