Evaluation of Central Bank Development Initiatives – Experiences of Selected Countries with Special Reference to Iraq

A thesis submitted to the Council of the College of Administration and Economics – University of Karbala, which is part of the requirements for obtaining a master’s degree in economic sciences

Submitted by the student

Hassan Khudair Abbas Al-Hamidawi

Supervised by

Assistant Professor Dr

Zainab Hadi Neama Al Khafaji

Abstract
In 2014, as a result of the challenges witnessed by the Iraqi economy, it was described as the worst and most challenging year in the history of the Iraqi economy, which was a cause of economic stagnation. As a result, the Central Bank of Iraq presented initiatives in the last quarter of 2015 to be exceptional initiatives presented as an attempt to find mechanisms to address the problem. Financing small, medium and large projects, as well as supporting specialized banks and the Housing Fund. The research problem relates to a set of questions, including: What are the most important development initiatives taken by the Central Bank of Iraq in recent years, and what are the mechanisms used to measure and evaluate the success of these initiatives in achieving sustainable development goals? These are the tangible results and impacts achieved by the development initiatives of the Central Bank of Iraq on the economic sectors that make up the local economy. The research assumes that there is a positive and moral relationship between the process of implementing the development initiatives adopted by the Central Bank and achieving economic development. The research aims to introduce the Central Bank of Iraq and its role in supporting development initiatives. And knowing the role of specialized banks in supporting and enhancing the effectiveness of the Central Bank’s initiatives in Iraq, and analyzing the development initiatives of the Central Bank of Iraq by measuring some development indicators and the rates of implementation of the initiatives, and reviewing the experiences of some countries in the field of quantitative easing and initiatives for central banks.
The researcher reached a number of conclusions, the most prominent of which is that the Central Bank of Iraq adopted an unconventional monetary policy to finance economic projects with the aim of achieving economic development, and the impact of these initiatives on increasing the monetary supply during the period (2016-2022), as it is considered a catalyst for inflation, which contributed to increasing inflation rates. It increased from (1.2%) in 2016 to (4.8) in 2022.
Therefore, the researcher recommends that the Central Bank and specialized banks should enhance cooperation between them and develop financing mechanisms to stimulate investments in development projects and enhance economic activity, as well as that the Central Bank of Iraq should continue to adopt more contributions and initiatives in various fields that contribute to achieving the dimensions of sustainable development