Iraq’s Central Bank reports growth in gold reserves, low inflation
Shafaq News/ Iraq’sCentral Bank (CBI) announced significant growth in its gold reserves,describing the country’s inflation rates in August and September 2024 as amongthe lowest in the region.
In a statementoutlining third-quarter economic indicators, the Central Bank attributed thepositive developments to its monetary policies implemented throughout2024.
The bank reported a57% increase in gold reserves, which reached 16.8 trillion dinars in the thirdquarter, compared to 10.7 trillion dinars during the same period in 2023.
It also noted thatIraq’s annual inflation rates were 3.7% in August and 3.1% in September,reflecting what the bank called “price stability and effective monetarypolicy.”
“Total deposits inIraqi banks grew by 4.2% in the third quarter of 2024, amounting to 127.6trillion dinars compared to 122.4 trillion dinars in the same quarter of 2023.Credit extended by public banks rose by 11.6%, reaching 72.7 trillion dinars,up from 65.1 trillion dinars a year earlier.” CBI said.
Private banks also sawnotable growth, with deposits “increasing by 14% to 18.7 trillion dinars andcredit rising by 15.1% to 12.2 trillion dinars.”
“These figures reflectgrowing trust in private banking institutions.”
In addition, depositsfrom the private sector increased by 3% to 56.1 trillion dinars, while creditextended to the sector grew by 8.6%, reaching 42.8 trillion dinars in the thirdquarter of 2024.
The Central Bankreported a 4.1% increase in narrow money supply, which totaled 158.6 trilliondinars, compared to 152.4 trillion dinars in 2023. The broad money supply roseby 3.3% to 179.8 trillion dinars.
The bank highlightedthe growth in reserves and credit as indicators of economic stability andincreased confidence in the financial sector.
