Economist: Controlling exchange rates is the responsibility of the Central Bank, and the challenges facing banks continue.
Economist: Controlling exchange rates is the responsibility of the Central Bank, and the challenges facing banks continue.
2025/10/03
Economic expert Salah Nouri affirmed on Friday that the financial system and exchange rate control are among the primary responsibilities of the Central Bank of Iraq, noting that the bank faces numerous challenges in this area.
Nouri told Al Furat News Agency, “The Central Bank faces challenges in light of the fact that many private banks operate outside its controls and conditions, in addition to the conditions set by the US Federal Reserve regarding foreign currency transfers.”
He added, “Controlling exchange rates in the parallel market is difficult to completely eliminate. The solution lies in reducing price fluctuations through the flexibility of the central bank’s tools in response to global fluctuations.”
Nouri continued, “Private banks’ response and adaptation to the Central Bank’s lending instructions contributes to revitalizing the Iraqi economy.” He explained that “the instructions for external financial transfers for import purposes are similar to the US Federal Reserve’s procedures in this area, which requires private banks to fully adapt and comply with the Central Bank’s instructions.”
alforatnews.iq
