Advisor To The Association Of Private Banks: Serious Steps To Confront The Dollar Crisis, 28 DEC

 Advisor To The Association Of Private Banks: Serious Steps To Confront The Dollar Crisis

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed that  the Iraqi government and the Central Bank are working in harmony to address the dollar crisis, and that  there are serious steps that have been taken or are being taken in this direction.

Al-Nusairi said in press statements, followed by Al-Mustaqila on Tuesday, that the Central Bank began digital transformation in the banking sector since 2016, by developing electronic payment systems and electronic banks.

It also took a new strategy for economic action that includes steps to enhance local production and reduce dependence on imports.

Al-Nusairi added that the Iraqi government worked hard to reconsider monetary policies and diagnose the defect, and that there is great optimism for the continued decline in the price of the dollar in Iraq, as  it is expected to reach 140 dinars in the first quarter of next year.

Al-Nusairi pointed out that  Iraq has begun to take the right steps to enter the global financial system, as an agreement was signed with the International Monetary Fund, the Baghdad Stock Exchange was established, and work is underway to establish a regulatory body for financial markets.

Al-Nusairi explained that there is “chaos” in foreign trade in Iraq, as unnecessary goods and services are being imported, which increases the pressure of the dollar on the Iraqi economy, and called for the necessity of organizing and controlling foreign trade.

Informed sources have confirmed that the US Ambassador in Baghdad, Alina Romanowski, with the support of a specialized team from the US Treasury Department, has exerted great and continuous pressure on the Central Bank of Iraq and the Ministry of Finance in order to adhere to international standards in the field of transferring and exchanging money with the world.

The statements of the advisor to the Iraqi Private Banks Association indicate that there are serious steps that have been taken or are being taken in Iraq to address the dollar crisis, as the Central Bank and the government are working in harmony in this direction.

These steps include digital transformation in the banking sector, enhancing local production, reducing dependence on imports, entering the global financial system, and regulating foreign trade.

If Iraq succeeds in implementing these steps, it is expected that the severity of the dollar crisis in the country will decline and return to acceptable levels.

But there are still some challenges that Iraq must overcome, such as controlling foreign trade and reducing corruption.   https://mustaqila.com/مستشار-رابطة-المصارف-الخاصة-خطوات-جاد/