Kurdistan Region seeks to rein in the dollar through the National Bank after the approval of the Central Bank
Kurdistan Region seeks to rein in the dollar through the National Bank after the approval of the Central Bank
2023-01-20 06:10
Shafaq News/ The Director General of Commercial Banks in Kurdistan Region, Mouloud Saber confirmed, on Friday, that the opening of the National Bank will contribute to the development of banking work in the region, in addition to that it will limit the rise in the exchange rate of the dollar against the dinar in the local markets in Kurdistan.
Saber said, in an interview conducted with him by the official website of the regional government and published today, that the work of establishing the National Bank in the region has been completed with a capital of approximately 250 billion dinars, with 25 billion dinars deposited in cash in the account of the Central Bank of Iraq / Erbil branch, adding that what remains is only obtaining A license from the Central Bank to conduct business.
Regarding the benefits of this bank, the banking official said that if we obtain permission from the Central Bank of Iraq to work, all the work of that bank in terms of regulations and laws will be carried out by the National Bank.
Mawloud enumerated a number of other benefits that will be achieved in the banking system in the region after the National Bank begins its activities, most notably opening the door for Kurdistan banks to be regular. And dealing with international banks that do not deal with the region at the present time.
He also pointed out that there are 94 banks in the Kurdistan Region, and by opening the National Bank, the number of employees working in the banking sector will decrease, and the National Bank will be a door for investors and create confidence for foreign investors.
He stated that 500 million dollars of oil money is being spent monthly through private banks on employee salaries, and that the National Bank will solve this matter.
And the banking official continued, “Now the value of the dollar is rising daily, and we are all about the reason for that.” He added that the reason is that the Central Bank offers a small percentage of dollars in the market, and if we become a member of this bank and obtain a license according to the law, then it will give us a percentage of the dollar, and we will offer it. in the market in the Kurdistan Region.
He continued by saying that “obtaining the dollar from the Central Bank of Iraq, and putting it on the market in the region will lead to a decrease in the exchange rate.”
On August 12, 2022, the Kurdistan Regional Government announced that the steps to establish the National Bank in the region had reached their final stages, after most of the work related to this project had been completed.
shafaq.com
