Governor of the Bank: Iraq is on alert to control the exchange rate of the dinar
Governor of the Bank: Iraq is on alert to control the exchange rate of the dinar
2023-04-13 21:58
Shafaq News/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed, on Thursday, that Iraq is on alert to control the exchange rate of the dinar, stressing the government’s commitment not to reach the dollar exchange rate to countries with which the United States prohibits dealing in the American currency.
Al-Alaq said in a press statement on the sidelines of the meetings of the World Bank and the Monetary Fund in Washington, reported by “Bloomberg” and seen by Shafaq News agency, that the American requirements to control transfers “we do not classify them as restrictions, but rather all that is required is the application of the money laundering and combating terrorism law.”
He continued, “We are on alert in the Central Bank to control the exchange rate of the dinar,” explaining that this problem “is not linked to an internal financial crisis, but is related to pre-audit procedures for external transfers of hard currency.”
He added that “external transfers through the platform” multiplied very quickly, which created a balance in supply and demand for the dollar, “disclosing, “The US Treasury agrees with us on the need to expand external transfer channels.”
He stressed that “the new system does not aim to restrict responding to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the implementation of the Anti-Money Laundering and Terrorist Financing Law and the instructions related to it.”
With regard to structuring banks, the governor of the Central Bank of Iraq, Ali Al-Alaq, pointed out that “the target of structuring banks is government banks that represent more than 80% of the sector, and the positive thing is that there is harmony between the government and the central bank to reform the banking sector,” revealing that all options are available for structuring the sector. and its development, including mergers.
Yesterday, Wednesday, the meetings of the Iraqi delegation with the International Monetary Fund and the World Bank began in the US capital, Washington, in the presence of Al-Alaq and Finance Minister Taif Sami.
And the US Treasury Department showed “great flexibility and willingness” to assist the Iraqi Central Bank in achieving stability in the exchange rate of the dollar against the dinar.
shafaq.com
