ERBIL — Iraq's Central Bank governor on Thursday reaffirmed that the country is making progress in controlling and stabilizing the value of its currency (IQD) against the US dollar.
"The US's request to regulate the export of USD is not aimed at limiting it, but rather at implementing anti-money laundering regulations and preventing the transfer of funds to terrorist organizations," Central Bank Director Ali Allaq told reporters.
Allaq pointed out that the new system is processing foreign transfers at a rapid pace, which ensures a balance between the market and the demand for US dollars.
"The new framework aims to guard the banking and financial system from unlawful activities, money laundering and financing terrorists," the governor added.
US officials have been pressing Iraq to strengthen its banking controls in order to prevent the flow of funds to terrorist organizations and other illicit activities.
The value of the nation's currency has undergone a dramatic fluctuation recently as Iraqi banks endeavored to comply with SWIFT, the global electronic payment transfer network.
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Central Bank Announces Measures to Strengthen Iraqi Dinar
ERBIL — The Central Bank of Iraq (CBI) has identified four measures aimed at supporting the strength of the Iraqi dinar, according to the assistant general manager of the investment department in the bank, Mohammed Younis.
In an interview with state media Iraqi News Agency (INA), Younis explained that the measures are designed to enhance external transfer and financing of trade, study and other areas.
Younes noted that the effects of these measures have already begun to show, with the US dollar declining continuously against the dinar. He pointed out that the CBI's actions have contributed to reducing the difference between the official and parallel exchange rates.
However, the official also added that Iraq's high demand for the dollar, as an importer of goods, can sometimes make it stronger against the dinar. To address this issue, he emphasized the need for a comprehensive effort to support the dinar through measures such as supporting the local product, reducing import operations, controlling markets, and controlling border crossings.
Younis also acknowledged that some departments in Iraq have faced problems because their contracts are in dollars. To resolve this issue, the CBI and the federal government have started to take steps to address it. He highlighted that Iraq possesses more than 130 tons of gold.
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