Central Bank of Iraq: deduction of transfers of up to 9 trillion dinars to secure the salaries of the months of June and July

7/26/2020 10:29

Central

[Baghdad_Eye]
The Central Bank of Iraq revealed, on Sunday, a deduction of transfers of up to 9 trillion dinars to secure the salaries of the months of June and July.
The Director General of the Bank’s Accounting Department, Ihsan Shamran Al-Yasiri, stated, “The bank deducted transfers of up to 9 trillion dinars to secure the salaries of the months of June and July, in order to bridge the difference between the oil resources and the salary amounts.”

Al-Yasiri added, "It is natural for the government to commit to providing pensions for those with an obligation to it; employees, retirees, and those covered by social welfare and others, because the state views the matter with a view of legal, moral and technical commitment."

He stressed that "the central bank has contributed to solving the government's financial bottlenecks on more than one occasion, especially since 2014 and until now," stressing that "it is expected that the central bank will not fail the government with the powers it afforded to facilitate financial facilitation."

And between "the decline in oil prices leads to internal and external borrowing, and internal borrowing creates pressure on the central bank reserves, because the dinar borrowed by the government will be transferred

indirectly to the demand on the dollar, which means the central bank undertakes the exchange of this demand through The public was affected in general. "

Al-Yasiri continued: "The Central Bank initiative to enhance banks' liquidity to support development and operate the real sector continues, and this initiative has revived the economy and contributed to operating projects and employing the

unemployed, and whenever the central bank finds a need for new initiatives or expansion of the initiatives."

Al-Yasiri acknowledged, “With the banking system suffering from the problem of non-performing loans, which affected the liquidity of banks and their need to tighten the choice of customers,” noting that “the central bank has established a system of

credit inquiries that prohibits the granting of loans to borrowers who have not fulfilled their obligations, while they are customers with no commitment

alliraqnews.com