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Iraq Country Report 10/20/10


kennyw
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6. The CBI intends to maintain its present monetary policy, which is aimed at keeping

inflation in the single digits. The exchange rate remains the CBI’s main policy instrument,

given the very low level of financial intermediation. The authorities agree with staff that a

strong and stable currency provides a solid anchor for the public’s expectations in an

otherwise highly uncertain environment.7. Continued progress has been made in monetary reforms and the authorities are

working to address the remaining issues that were identified by the IMF’s safeguards

assessment of the CBI. The CBI will contract a multi-year co-sourcing agreement with a

reputable accounting firm by end-December 2010. This will help review and improve the

internal audit function. The CBI Board has also adopted a decision to transform the Internal

Control Committee into an Audit Committee that will have a comprehensive mandate for

effective oversight.

Edited by kennyw
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