Q&A: Central Bank Governor Ali al-Allaq
After helping Iraq survive years of financial crisis, the Central Bank is focusing efforts on encouraging lending and economic growth.
Ali al-Allaq, the governor of the Central Bank of Iraq (L), meets with then-Prime Minister Haider al-Abadi. (Source: Prime Minister's Office)
BAGHDAD - When Ali al-Allaq became governor of the Central Bank of Iraq, in September 2014, the country was descending into a dire financial crisis.
Faced with low oil prices and an expensive war against the self-proclaimed Islamic State (IS) militant group, the CBI provided billions of dollars' worth of liquidity to state banks, which in turn lent money to the Iraqi government - effectively financing a large portion of the budget deficit with foreign currency reserves.
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