Addressing the problems of the Iraqi financial system
The financial system in Iraq consists of a group of institutions and structures that manage the financial and economic affairs of the country. Here are the components of this system in detail:
1. Central Bank of Iraq:
- Role: It is considered the body responsible for implementing monetary policy, issuing currency, and managing cash reserves.
- Objectives: price stability, exchange rate stability, and encouraging economic growth.
2. Commercial banks:
- Its types: include government banks such as Rafidain Bank and Rashid Bank, in addition to local and foreign private banks.
- Services: Providing loans, opening accounts, making money transfers, and financing projects.
3. Specialized banks:
Examples: Real Estate Bank, Agricultural Bank.
- Focus: Providing financial services to specific sectors such as agriculture and real estate.
4. Stock market:
- Iraq Stock Exchange (ISX): is the place where stocks and bonds are traded.
- Objective: To promote investment and develop financial markets.
5. Ministry of Finance:
- Role: Preparing and implementing the state’s financial policy, managing government revenues and expenditures.