Government should Pressurize Finance Ministry to issue Iraqi Bonds: CBI

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The Central Bank of Iraq has declared that only 85 percent of Iraqi dinar currency is circulating for financial transactions in the country. CBI also pointed out that the accounts in the governmental banks contain most of the deposits of Iraqi citizens.

He also stressed that Iraqi Finance Ministry has denied enhancing the benefits. The Director General of Iraqi Central Bank Directorate, Ihsan Shomran issued a press statement that it has been recorded that 38 trillion Iraqi dinars traded in the market in a trading day and it is related to 85 percent by the Iraqi people and 15 percent by the Iraqi banking system. He also pointed out that public money is considered for trading and other as stubby.

Shomran further added that Iraqi Central Bank has focused to motivate Iraqi people for Iraqi dinar investment and deposits. For this reason, Central Bank of Iraq introduced other tools such as issuance of Iraqi bonds, but it also depends on the Iraqi Finance Ministry that owns the largest banks in the country. They have handsome accounts with massive financial reserves in the form of public deposits. So, motivation for Iraqi citizens by offering high interest rates for their deposits is essential, but they have denied increasing the interest rates. He also confirmed that Iraqi Central Bank believe that attracting the Iraqi people by offering 15 percent would reflect negative effects on the status of Iraqi financial bonds. He stressed that Iraqi government should pressurize the Iraqi Finance Ministry to issue Iraqi bonds to overcome the Iraqi financial problem.

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