A government advisor confirms the implementation of two policies that have supported the Iraqi dinar against foreign currencies
A government advisor confirms the implementation of two policies that have supported the Iraqi dinar against foreign currencies
2023-04-25
Monday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the implementation of two policies that supported the Iraqi dinar against foreign currencies, while revealing government measures that removed obstacles to foreign trade.
Salih said in a press interview, “The monetary policy of the Central Bank of Iraq has proven that it has the ability and high flexibility in coordination with the supportive government policies in providing exceptional capabilities to impose stability on prices in general and the exchange rates of the Iraqi dinar against foreign currency in particular, which are related to import prices of goods and services.” .
He added, “Based on the foregoing, achieving and maintaining stability came through two policies, the first: on the monetary policy side by facilitating external transfer procedures and the official exchange rate upon transfer and restricting dealing in foreign currency through legal channels, procedures and digital banking mechanisms.”
And he continued, “These channels and procedures are all characterized by disclosure and high governance across the national and international financial and banking system, in addition to the Iraqi banking system’s adaptation to the compliance and audit platform related to foreign transfers of foreign currency in a professional, legal and rapid manner without prejudice to the freedom of external transfer, which is now consistent with the laws.” And the national and international regulatory regulations, which were represented by the three CBI packages.
And he added, “As for the second, it is the general government policies, and it relates to what the Council of Ministers took during the past few period in terms of soft coordination measures in the customs, tax and trade fields in a harmonious syndrome that became more accurate after removing inherited bureaucratic obstacles in the movement of foreign trade, which gave stability and high flexibility in moving the activity.” Small traders to exercise their direct role in importing from outside the country by themselves without the chains of intermediaries and the former monopolistic powers that the market has accumulated with its imbalances over the past forty years.
At the same time, the Prime Minister’s advisor noted the importance of government policies that support the poor and limited-income classes, which also took a wide turn by expanding food rations in quantity, regularity, and capacity.
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