The Governor of the Central Bank of Iraq announced that the Corona pandemic has led to a rise debts by 18% during the year 2020, which requires taking treatments that simulate the data of reality.
In a statement received by the Iraqi News Agency (INA), the Central Bank of Iraq stated, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb, is terrifying. He participated in a symposium on the impact of Covid 19 on financial institutions, organized by the Iraqi Private Banks Association, along with the Governor of the Central Bank of Jordan Ziad Fariz and the President The Bahrain Association of Banks Adnan Youssef and the head of the Iraqi Private Banks Association, Wadih Al-Handal, which was attended by a number of Iraqi and Arab specialists and experts, "noting that" this symposium comes in light of the international and local endeavor to find effective solutions that can support the various sectors to contribute to sustainable development. " .
According to the statement, fearsome said, "The Central Bank of Iraq has taken a series of measures to confront the effects of the Corona virus on the economy," noting that "the pandemic has led to an increase in bad debts by 18% during the year 2020, which requires taking treatments that simulate the data of the Iraqi reality, especially security and legal."
He pointed out that "changing the exchange rate of the dinar against the dollar contributed to enhancing financial sustainability as a result of the high volume of foreign reserves and the strengthening of public finances, which increases the reliability of investors, lower production costs, increased competitiveness of domestic goods and the balance of payments balance through a decrease in the volume of foreign imports."