The Finance Committee, headed by Atwan Al-Atwani and the presence of its members, hosted, today, Thursday, the Governor of the Central Bank Ali Al-Alaq; to discuss a number of important files, most notably, the measures to address the large gap in the sale of the dollar between the official price and the parallel market, as well as foreign trade transfers through (the platform).
The meeting also reviewed, according to the committee’s statement, {Euphrates News} received a copy of it, the file of US Treasury sanctions on local banks and the extent of their impact on monetary and financial policy and banking work in the country, and the measures taken by the Central Bank in this regard, in addition to discussing the adopted international standards, future plans to improve the reality of the banking system, the possibility of expanding relations with international banks, drawing the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law.
Al-Atwani stressed “the importance of following up the economic file, monetary policy and the system of external and internal transfers, and finding appropriate solutions to the obstacles facing the work of the Central Bank,” noting that “the government is making a great effort to maintain the stability of the local market during the holy month of Ramadan, especially with regard to the prices of selling food and other necessary goods.”
“We look forward to continuous coordination and cooperation with the Central Bank in order to increase the value of the Iraqi dinar and control the local market in order to alleviate the citizen,” he added.
For his part, Al-Alaq stressed “establishing basic rules for monitoring the process of external and internal transfers,” attributing the instability of the exchange rate to “the existence of illegal trade by small traders and some speculators that finance by withdrawing the dollar cash from the market.”
Al-Alaq said that “the external sanctions imposed on a large number of our local banks have hindered the endeavors and plans to open relations and communication lines with accredited international correspondent banks,” explaining, “the process of printing the local currency is carried out according to the required financial cover and in a way that balances the foreign and local currency and prevents any financial inflation.”
He added, “We are currently coordinating with the concerned authorities on the implementation of the foreign trade regulation plan, and we also have continuous meetings with the American Treasury, and it was understood to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future until after discussing and informing the Central Bank of Iraq as it is concerned with monitoring its activity.”
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