ALI AL-ALAQ: THE CENTRAL BANK FOLLOWED A PLAN THAT POSITIVELY AFFECTED THE DOLLAR EXCHANGE RATE AND ITS STABILITY
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Friday, the continuation of financing foreign trade in several foreign currencies in addition to the dollar, while noting that the banking sector’s implementation of compliance rules strengthens Iraq’s financial position globally, pointing out that there is an international welcome from the US State Department and the International Monetary Fund. International Bank, with the procedures implemented by the bank that strengthened the banking sector’s commitment to these rules.
Al-Alaq added in a press statement to the official agency, followed by NRT Arabia, that “the Central Bank followed a plan that included mobilizing all requests for the dollar within the proper and original channels, while attracting all merchants, importers, and those in need of external transfers within these frameworks and channels.”
(Oh… gee Whiz have I not been talking about the 2011 plan all along. Now you see evidence of it and that they are following it)
He said, “The more the size of these channels and the number of participants expand in them, the more it affects two things positively.
1.The first is the exchange rate and its stability, and
2.the second is providing the correct compliance rules, which strengthens the reputation of the country and the banking sector externally and strengthens Iraq’s financial position globally.
This matter is currently being done with an exceptional and great effort, as for the first time it is witnessing Iraq: Reorganizing the external transfer process through correspondent banks instead of the central bank or the Federal Bank being the executive interface for this process.
He explained, “This process is true. It is not the best practice in the world. Rather, it is better for all transfers to be through a relationship between the local Iraqi bank and the external correspondent bank, and the central bank carries out the process of monitoring, supervising, and enhancing foreign currency balances abroad to cover these needs.”
Al-Alaq stressed that this matter was achieved by introducing a series of currencies into foreign trade, including the Chinese yuan, the Indian rupee, the euro, the Turkish lira, and the Emirati dirham, in addition to the dollar, and wherever there is a need that depends on the weight of trade between us and the country with which there is trade activity, we will use that currency. Currencies.
He pointed out, “The US Department of the Treasury and the Federal Bank very much welcomed the central bank’s steps related to the use of correspondent banking channels, and also the application of compliance procedures and rules followed by the central bank. This also appeared in the recent International Monetary Fund report, which praised the central bank’s efforts within the framework of the banking sector’s compliance with the rules.” Combating money laundering and the financing of outlaw groups.
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