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Showing results for tags 'deputy governor of the central bank'.
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The Deputy Governor of the Bank talks about the moment of 2014. A terrifying collapse that we overcame with two measures 2022.04.20 - 09:54 Baghdad - people The Central Bank of Iraq revealed, on Wednesday, new details about the economic crisis in 2014 and the roles it took to control the situation and prevent its collapse. Ihsan al-Yasiri, Deputy Governor of the Central Bank, said in an interview with his colleague Karim Hammadi, followed by "Nass" (April 20, 2022): "The Central Bank did not print a new currency, it only printed 2014 securities." He explained, "We had a double suffocating; terrorist attacks and the oil crisis, and the central bank was faced with two options: the first, to stick to the known traditional roles, or to go to another option, which is to secure the operational requirements." He added, "In 2014, there was uncontrolled extravagance, billions were spent in incorrect paths, farmers demonstrated, unemployment became terrifying, and there was a housing crisis, and the Rafidain Bank was burdened with debts, and the citizen was returning the borrowed amount at an interest rate of 50%, and the critical issue was the payment of obligations. The state, therefore, the Central Bank launched two major initiatives in 2015: a small initiative of 1 trillion dinars for private banks, and the other initiative of 5 trillion dinars for specialized banks, and currently we have launched another trillion, the initiative of 5 trillion dinars increased to 9 trillion, all of our initiatives have reached 15 trillion dinars. He also stressed that "the central bank is prohibited from lending to the government, even the financial facilitation that was provided to banks to discount government transfers is called the secondary market." Among Al-Yasiri, "We did not buy the remittances directly, but they were submerged with government banks, and this is considered a legal trick because the state would have stopped and had the Central Bank not intervened, the economic situation would have been close to collapse," explaining, "In 2015 there were options to reduce salaries and disburse them for only 9 months from year, but the central bank intervened, and this is his duty.”
