Al-Alaq announces an understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks
Al-Alaq announces an understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks
03/15/2024
The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted Thursday, the Governor of the Central Bank, Ali Al-Alaq; To discuss a number of important files, most notably the procedures for addressing the large gap in selling the dollar between the official price and the parallel market, as well as foreign trade transfers via (the platform).
The meeting also reviewed, according to the committee’s statement, a copy of which {Al-Furat News} received, the file of US Treasury sanctions on local banks and the extent of their impact on monetary and financial policy and banking work in the country, and the measures taken by the Central Bank in this regard, in addition to discussing approved international standards and plans. The future aims to improve the reality of the banking system, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.
Al-Atwani stressed “the importance of following up on the economic file, monetary policy, and the system of external and internal transfers, and finding appropriate solutions to the obstacles facing the work of the Central Bank,” indicating that “the government is making a great effort to maintain the stability of the local market during the holy month of Ramadan, especially with regard to prices.” Selling food and other necessary goods.”
He added, “We look forward to continued coordination and cooperation with the Central Bank in order to increase the value of the Iraqi dinar and control the local market in order to alleviate the burden of the citizen.”
For his part, Al-Alaq stressed “setting basic rules in order to monitor the process of external and internal transfers,” attributing the instability of the exchange rate to “the presence of illegal trade carried out by small merchants and some speculators, which is financed by withdrawing cash dollars from the market.”
Al-Alaq said, “The foreign sanctions that were imposed on a large number of our local banks hindered the efforts and plans to open relationships and lines of communication with approved international correspondent banks,” explaining, “The process of printing the local currency is carried out in accordance with the required financial cover and in a way that balances the foreign and local currency and prevents the That is, financial inflation.
He added, “We are currently coordinating with the relevant authorities regarding the implementation of the plan to regulate foreign trade, and we also have ongoing meetings with the US Treasury, and it was agreed to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it is concerned.” by monitoring its activity.
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