Urgent Central Bank Governor: No intention to reconsider dollar exchange rates, we are undergoing a major transformation
Urgent Central Bank Governor: No intention to reconsider dollar exchange rates, we are undergoing a major transformation
2024/08/08
The Governor of the Central Bank, Ali Al-Alaq, ruled out a change in the dollar exchange rate.
Al-Alaq said in the most important points of his press interview:
There is no intention to reconsider the dollar exchange rates.
The Central Bank sells more than $250 million daily at the official price.
The bank covers the requirements of foreign trade and some do not want the fundamental methods
– The view that the dollar price has risen or fallen is not a correct indicator.
We succeeded in controlling inflation compared to other countries.
We will reach 100 percent of foreign transfers without going through the US Federal Reserve by the end of this year.
The financial situation in Iraq is still proceeding within what is planned in the state’s general budget.
For the first time, under the new budget and financial management law, the allocations of governorates and ministries are being rotated.
– The Central Bank is undergoing a major transformation by reorganizing foreign trade.
Our foreign trade procedures are being carried out for the first time with the participation of international institutions.
The presence of small traders outside the system puts pressure on the market and a mechanism to regulate their trade is about to be launched.
– We focus on getting everyone involved in the right fundamentalist channels.
– The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies.
– New audit mechanism for foreign exchange trading to be launched soon
– All commercial foreign transfers are subject to review by the competent international company.
– Meetings in New York at the end of August to discuss lifting sanctions on banks and reviewing transfer operations.
– The dollar is not given to the traveler until after the departure stamp.
The new mechanism guarantees that the dollar reaches 100 percent of the traveler, and we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah and Kirkuk.
– Governmental move to increase capital support for the Real Estate Bank and the Housing Fund in the budget
The bank’s initiatives play an exceptional role in trying to bridge the housing deficit.
– The paragraph on increasing the capital of the Real Estate Bank and the Housing Fund in the budget has not been implemented yet.
– We do not want bank financing to be a substitute for investor commitments.
We directed the Real Estate Bank to finance complexes with completion rates ranging from 80 to 90 percent.
alforatnews.iq
