Central Bank Governor: The exchange rate is fixed and will not change, and we will continue to inject dollars.
Central Bank Governor: The exchange rate is fixed and will not change, and we will continue to inject dollars.
2026-02-10
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Tuesday that the exchange rate of the dollar is stable and will not change, indicating that the Central Bank is not concerned about any problem with gold and foreign currency reserves and that they are continuing to inject dollars. In a speech during the launch ceremony of the “E-Psule” project for electronic receipts, Governor Al-Alaq stated that “one of the most important strategic axes in the path of economic and financial reform is the development of the electronic payment system and the transition towards a digital economy in a way that serves Iraq in general and the Kurdistan Region in particular,” noting that “excessive reliance on cash is no longer consistent with the requirements of the modern economy.”
He added that “building a sophisticated financial system requires secure, fast and transparent electronic systems that contribute to enhancing confidence in the banking sector and supporting financial stability,” noting that “recent years have witnessed tangible developments in the electronic payment infrastructure through expanding the use of bank cards and electronic wallets, increasing the number of points of sale in government institutions and commercial markets, in addition to launching electronic financial transfer systems that operate around the clock.”
Al-Alaq also explained that “these steps have contributed to facilitating citizens’ daily transactions, reducing time and effort, and improving the efficiency of the financial system.” He indicated that “the Central Bank of Iraq plays a pivotal role in this framework by leading the transformation through the development of transformative regulatory frameworks and instructions that ensure the integrity of operations, protect users, and support financial innovation, in addition to encouraging financial technology companies, promoting financial inclusion, and bringing new segments of society into the banking system.” He continued, “The development of electronic payment in Iraq is not complete without coordination and integration with efforts in the Kurdistan Region, where we are working with the relevant authorities in the region to unify systems and technical standards and expand governmental and banking digital services.” He pointed out that “dealing with financial integration is a fundamental pillar for sustainable development.”
Al-Alaq also pointed out that “the launch today through a new tool that is added to the electronic payment systems and digital transformation is an important launch and a qualitative step in developing the infrastructure path of the financial and banking sector and enhancing the transition towards the digital economy,” explaining that “this application represents a practical model for integration between the public and private sectors, and the use of modern technology to provide safe, fast and reliable services, and keep pace with global developments in the field of digital payments.”
The Governor of the Central Bank also affirmed “full support for initiatives that contribute to the development of financial services for all governorates of Iraq, including the Kurdistan Region, based on the importance of fair access to banking services and enhancing confidence in the national financial system, and in the belief that developing the electronic payment system is not just an option but a necessity to improve the economy and enhance transparency and financial efficiency, which is an ongoing process that includes a strong infrastructure, modern legislation, and technical government-banking cooperation, in addition to enhancing societal awareness of the importance of these transformations.”
He noted that “coordination has been made with the regional government to ensure the implementation of a unified and secure system,” expressing “thanks and gratitude to the Prime Minister of the regional government, who personally adopts these developments and leads them towards their true level and continuous daily development, which motivates us all to cooperate, coordinate and integrate in this framework, and to all those who support the digital transformation trends that contributed to the success of this project, and looking forward to more initiatives that support innovation and digital transformation and contribute to building a modern economy.”
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