7 hours ago
The governor of the Central Bank of Iraq, Ali Alalak, on Sunday, that about 70% of the currency outside the banking sector, while called to educate citizens to protect the Iraqi currency.
Al-Alaq told Al-Ghad Press that “the central bank’s mission is to regulate the fiscal and monetary policy in Iraq. In its monitoring of the size of deposits in banks, it found that it is not very commensurate with what exists in Iraq from a monetary bloc. Currency outside the banking sector “.
He pointed out that “it is not usual in other countries to be so large amounts of currency outside the banking sector, so banks should promote and educate citizens to deposit their money in banks,” asserting that “the Central Bank supports education on this important issue, which can help To stimulate trade and economic movement. “