The first Deputy speaker stresses the need to take measures to address the inflation

Baghdad-INA

The First Deputy Speaker of the parliament , Mohsen Al-Mandalawi, stressed on Sunday, the need to take measures to address the inflation caused by the devaluation of the dinar against the dollar.

Al-Mandalawi said in a statement issued while chairing an expanded meeting of the Finance Committee in the presence of Central Bank Governor Mustafa Ghaleb, and received by the Iraqi News Agency (INA), that "the Central Bank Iraq (CBI) is directly responsible for implementing the country's banking policies, and it is concerned with developing the work of banks and monitoring their business with the aim of protecting deposits Citizens and keeping pace with the global development in this important sector on which the state depends to develop the rest of the sectors such as industry, agriculture, investment, tourism and others,” stressing that “the bank must take  measures to address the inflation caused by the devaluation of the dinar against the dollar."

The statement added, "CBI has a period of one week to answer clearly the questions submitted by the members of the Finance Committee, and to provide the Committee with all documents related to the file of letters of guarantee and the currency sale window."

During the meeting, a number of questions were raised by the members of the Finance Committee related to the currency sale window of the CBI, the industrial and housing initiative loans, the CBI policies regarding increasing the capital of commercial, Islamic and private banks, custodian banks, letters of guarantee, and the bank’s supervisory role over banks, and to come up with a number of recommendations ,and it was agreed to hold another meeting soon to answer the questions raised and to provide a full briefing on all topics and details.