FROM THE OFFICE OF PUBLIC AFFAIRS

April 23, 2004
JS-1461

Statement by Treasury Secretary John Snow Following Bilateral Meeting with Iraq

Federal Reserve Chairman Alan Greenspan and I had a very positive and constructive meeting with the Finance Minister of Iraq, Kamel al-Kaylani, and Central Bank Governor Sinan Al-Shabibi this morning.  Both Iraqi officials reported that economic progress continues to take place in their country and I was pleased to hear about the ongoing economic and financial reconstruction. 

The Iraqi delegation underlined that their reforms are already bearing fruit, will continue, and will last beyond the transition.  Some of the most important achievements include the introduction of a new and unified national currency, increased transparency in economic policymaking, deregulation of interest rates, and the creation of new and growing opportunities for foreign banking activity.   Work in progress for the creation of a T-bill market was also very welcome news.  I commended Minister Kaylani and Governor Shabibi and the entire Iraqi people for their excellent progress.

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