Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system
Central Bank Governor Ali Al-Alaq considered, on Saturday, the process of stabilizing the exchange rate of the dinar against the dollar as a “major process” that requires changes to the Iraqi commercial system and financial transfers outside the country.
This came in his speech during the first annual banking conference hosted by the city of Erbil under the slogan “The banking sector, opportunities for advancement and the future of international companies,” in its first edition.
Al-Alaq said in his speech, “The rules stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2018 must be consolidated, and international practices and standards must be applied in a way that preserves the integrity of the financial system from local and international risks and procedures, and in a way that ensures the transparency and integrity of financial operations.”
He added, "We emphasize once again that these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks, and what is related to this matter is the relationship between the application of these rules and standards and the process of external transfer and the sale of the dollar in various forms."
Al-Alaq added, “There is a close relationship between establishing these standards and the smooth flow of transfer operations, and maintaining the stability of the exchange rate. To the extent of this commitment, we can determine monetary stability and exchange rate stability, which is a major process that requires making many changes and reorganizing the commercial system in Iraq.”
And the external transfer system and what is related to that,” noting that the Central Bank “is going through this process in daily details until it leads us to the right and correct path, and every day it opens a new channel to facilitate and accelerate this process.” link
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