OPENS 8 FILES WITH THE GOVERNOR OF THE CENTRAL BANK
The Governor of the Central Bank, Ali Al-Alaq, revealed today, Wednesday, measures that will contribute to the stability of the exchange rate, and while revealing the diagnosis of those involved in speculation in the market, he announced the delay in printing a new currency of the 20 thousand dinars category.
(Folks, they are NOT going to print the new 20k notes EVER!)
The rise in the exchange rate is temporary. (really? You said this months ago)
He added, “What is being talked about in terms of a rise in the exchange rate does not mean that there is a rise in the official rate, which is still the same formal sale required by the new system.
And he continued, “Merchants, in addition to other categories, cannot enter the platform because they do not practice legitimate activities and operations, and our role in the Central Bank is to push everyone who needs to buy dollars to enter the legal and correct path, and the process today is in fact a process of reorganizing the movement of trade and funds, which makes these operations subject to local and international controls and standards, which leads to an effective implementation of the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015.
(This last statement by Ali-Alaq explains why they are selling the dinars still outside of the electronic system. But he must wise up. This is where they are getting the dollars from….hello!!! anybody home! This is how the markets are manipulating the currency. There must a HARD crackdown or they will never control the dinar.)
Al-Alaq pointed out, “The process of implementing the new system in reorganizing the movement of trade and funds requires the cooperation of multiple parties, and we expected that the issue would receive support, implementation, and interaction from the official and popular parties to support the Central Bank in achieving the goal of this system to make the movement of funds proceed in legal contexts and correct criteria to avoid any internal or external risks.
The Bank’s actions need to be supported by all parties.
He stressed, “The international financial system is integrated, coherent, and interdependent, in which some influence others, and all financial institutions in the world deal with the movement of funds with caution within an accurate assessment of risks and verification of the sources of funds and their beneficiaries. Iraq is part of this system, and we must achieve a high degree of compliance with the standards.” The international financial system to ensure the integrity of our financial system, and this, as we indicated, requires great support for the Central Bank, and for each party to take its role.
And between the Governor of the Central Bank, that “regulating foreign trade falls outside the control of the Central Bank and requires the cooperation of multiple parties concerned with this file, such as the Ministry of Commerce, the Border Crossings Authority, the Customs Authority, the security services, and other parties, and what we are doing serves all parties, the country’s economy and its general situation, and therefore there must be solidarity.” Collaboration and interdependence between everyone with the Central Bank to achieve the goal of the system.
He pointed out, “We often hear observations about the dollar sale process and currency movement, and today when the Central Bank assumed this great responsibility to reorganize it and put it in its correct contexts, the issue cost a great effort of human resources to monitor the process and ensure its safety with the application of electronic programs that cost the bank large sums.” of investments, and we seek the assistance of an international auditing firm to review and verify operations, and here there must be support and backing to achieve the primary goal.
He pointed out, “Prime Minister Muhammad Shia al-Sudani personally is one of the main supporters of the campaign to support the Iraqi dinar.”
Regarding the experience of generalizing electronic support, Al-Alaq explained that “the issue receives great interest from the Central Bank, and now a meeting has been completed with an international company for electronic payment, and there is progress, but it depends on expanding the circle of culture in this aspect.”
And he indicated, “The experience of electronic payment for citizens against government institutions has begun to succeed, and there are many departments that have joined, and we are working on a very important step, which is conducting transactions by paying via mobile phone, that is, a person can pay as soon as the other party has a (code) where any A person holding this code can pass the code on the device and enter his account, which is an advanced step even from using cards.”
IRAQ’S DEBTS
Regarding the size of Iraq’s debts, Al-Alaq indicated, “The internal volume of Iraq’s debts is about 65 trillion, of which 46 trillion belongs to the Central Bank, and the rest belongs to government banks, and is paid in the form of payments, while the external debt is about 20 billion dollars, while the reserve is The Iraqi reserves are more than 113 billion dollars,” noting that “the adequacy of the Iraqi reserves is high, and it guarantees foreign currencies and gold.”
RIYADA INITIATIVE
And Al-Alaq continued, “The Prime Minister launched a leadership initiative to qualify young people and enter them into small projects, and to embrace their capabilities and innovations,” pointing out, “The Central Bank entered as a financing party by launching a project to establish Al-Riyadah Bank, in order to absorb and finance these capabilities.”
And he indicated, “The Central Bank is in the process of establishing this bank, and there is great interest from us and private banks, indicating that the bank has various initiatives, including financing small and medium projects and the ongoing housing lending initiative through the Real Estate and Housing Bank, as well as we have an initiative to support the use of solar energy, and there is an initiative related to The displaced, in partnership with the international institution, and we have financing previously funded industrial and agricultural projects, and the bank is working to complete its financing while it is re-studying the initiative related to the industrial sector.
He pointed out, “It has been dismissed from printing the category of twenty thousand dinars because of the existence of a category of 25 thousand dinars, and we do not wish to expand the current categories, because the project to delete zeros still exists.”
Regarding the structure of government banks, Al-Alaq said, “There is now coordination and focus on this file, and great interest from the Prime Minister personally, and periodic meetings in this field, and we have some ideas about these banks that we are working on implementing at the present time.”
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