London: The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced the success of the bank’s monetary policy in stabilizing prices, noting a significant drop in inflation to 2%.

According to National Iraqi News Agency, Al-Alaq met with the Governor of the Bank of England, Andrew Bailey, at the bank’s headquarters in London. Their discussions revolved around the historical relations between the two institutions and explored potential cooperation in digital transformation efforts. The Central Bank of Iraq aims to leverage the Bank of England’s experience in modernizing its currency and its research on digital currencies.

Al-Alaq highlighted the effectiveness of current monetary policy in maintaining price stability, a key goal for the Central Bank. He emphasized that inflation levels have reached an unprecedented low, falling below 2%. The meeting also touched upon the management of foreign reserves, with a portion of Iraq’s reserves held in the Bank of England’s vaults.

Furthermore, Al-Alaq sought Bailey’s support for Iraq’s ambition to join the Bank for International Settlements in Switzerland, given the Bank of England’s role as a member of its board of directors.