Central Bank Governor: Our foreign exchange reserves are sufficient to create balance in the market, 6 AUGUST

The Governor of the Central Bank, Ali Mohsen Al-Alaq, confirmed today, Sunday, that our foreign currency reserves are sufficient to create balance in the market. The media office of the head of the Finance Committee in the House of Representatives said in a brief statement received by Al-Mutalaa, that "the Governor of the Central Bank, Ali Mohsen Al-Alaq,

provided a full briefing during his hosting of the Finance Committee on the reasons for the fluctuation of the exchange rate, the mechanism of the electronic platform and its role in controlling internal and external trade, the housing initiative file, US sanctions on Iraqi banks, and the status of the cash reserve of hard currencies at the Central Bank of Iraq."

Al-Alaq stated, according to the statement, that "our reserve of hard currency is sufficient to create balance in the market," indicating that "the Central Bank sells more than $ 250 million daily to meet the requirements of foreign trade," indicating that "85 percent of foreign transfers are currently taking place between Iraqi banks and correspondent banks, without going through the US Federal Reserve."

He pointed out that "the housing initiative is of great importance to the bank, and that the volume of loans granted within the real estate initiative amounts to 10 trillion dinars," adding that "the Central Bank is now heading to cover the financing of the construction of 23,000 housing units, and priority will be given to completed residential complexes."  link