Sheikh Mohammed stresses need for supporting government to deal with financial crisis

Deputy Speaker Aram Sheikh Mohammad met with the Governor of the Central Bank Mr. Ali al-Allaq, the Director General of Agricultural Bank Mr. Mohammad Hadi Karim, and the Director General of the Industrial Bank Mr. Mohamed Kazem Nashour. During the meeting, which was attended by the heads and representatives of the Kurdish blocs and Members of the parliamentary Finance Committee, they laid down the plans to support the Iraqi government to overcome the financial crisis.

Sheikh Mohammad urged the Central Bank to ensure secure cash flow and prevent beneficiaries from creating crises. He added, “We have to change the old fiscal policy and work hard to provide loans to citizens in all Iraqi governorates in the Kurdistan Region to finance their projects and revive the domestic market, and encircle the repercussions of the economic crisis caused by the global decline in oil price.”

Al-Allaq remarked that the Central Bank has already taken all measures to support citizens and the private sector, adding that the Bank allocated (6) trillion Iraqi dinars for industrial, agricultural and real estate banks to be granted to citizens for small, medium and small-sized enterprises, in order to move the market and create new opportunities for employment.

They agreed on the need to take practical and serious steps to support the citizens. They also tackled a number of issues, particularly the importance of maintaining the stability of the Iraqi dinar against other currencies, and the development of the banking system and the control of the Iraqi dinar exchange rate.

Deputy Speaker Media Office

3/2/2016