Al-Alaq: Next year will see all internal commercial and other transactions limited to the Iraqi dinar instead of the dollar, 24 SEPT

Al-Alaq: Next year will see all internal commercial and other transactions limited to the Iraqi dinar instead of the dollar

Today, Sunday, the Central Bank announced the provision of the dollar at a price of 1,320 dinars, which was a reason for controlling the general level of prices.

A statement from the bank, a copy of which was received by NRT Arabic, stated that “its governor, Ali Mohsen Al-Alaq, announces that the bank will dispense with external transfers “next year” and that banks licensed in Iraq will rely on correspondent banks in external transfer operations, as transfers via correspondent banks amounted to 60 % of the total transfers (outside the electronic platform of the Central Bank), while the implementation rate of verified transfers reached more than 95%.

 He added, "This came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control."

 Al-Alaq confirmed, during the meeting with the heads of the boards and authorized directors of the banks licensed in Iraq, that “the Central Bank’s endeavor to open channels of direct communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc. came in intensive stages, while what is currently being done is opening transfer channels in various currencies, including (UAE Dirham, Turkish Lira, Indian Rupee, Euro).”

 He continued, "The coming year will see all internal commercial and other transactions limited to the Iraqi dinar instead of the dollar, except for those delivered to travelers."  link