Iraq Central Bank cooperation with Bank of England gained momentum during a meeting in London. The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met Bank of England Governor Andrew Bailey to discuss deeper financial cooperation.
The discussions focused on several key areas. Both sides talked about monetary policy, digital transformation, and new approaches to currency management. Iraq Central Bank cooperation with Bank of England also included sharing expertise on banknote updates and digital currency studies.
Al-Alaq underlined Iraq’s success in keeping inflation under control. He explained that inflation had fallen below two percent, marking the lowest level in the nation’s history. He stressed that effective monetary policy ensured price stability and boosted investor confidence.
In addition, the talks covered management of foreign reserves. Iraq holds part of its reserves in the Bank of England’s vaults. Both governors explored ways to enhance this cooperation and improve financial security.
Al-Alaq also called for support regarding Iraq’s application to join the Bank for International Settlements in Switzerland. He highlighted the Bank of England’s important role on the BIS board. Iraq Central Bank cooperation with Bank of England could help strengthen Iraq’s position in the global financial community.
The recent meeting held in London vividly demonstrated Iraq’s strong determination and commitment to modernizing its financial system. By actively collaborating and engaging with a diverse range of international partners and experts, Iraq aims to accelerate and implement comprehensive banking reforms. These efforts are focused on creating a more efficient, transparent, and resilient financial infrastructure. Furthermore, the country is strategically preparing itself to embrace and integrate the rapidly evolving landscape of digital finance, ensuring that it stays ahead of global technological advancements and can offer its citizens modern financial services that meet international standards. This proactive approach highlights Iraq’s vision for a future where its financial sector plays a crucial role in driving economic growth and stability.