Central Bank Governor: There Is No Intention To Reconsider The Dollar Exchange Rates And We Are Undergoing A Major Transformation Process, 8 AUGUST

 Time: 08/07/2024 19:26:47 Read: 3,302 times  {Economic: Al-Furat News} Central Bank Governor Ali Al-Alaq ruled out a change in the dollar exchange rates.

 
Al-Alaq said in a press interview with him:
 
- There is no intention to reconsider the dollar exchange rates
 
The Central Bank sells more than $250 million daily at the official price

- The bank covers the requirements of foreign trade, and some do not want fundamentalist methods
 
The view that the price of the dollar has risen or fallen is not a correct indicator
 
We succeeded in controlling inflation compared to other countries
 
- We will reach 100 percent of foreign transfers without going through the US Federal Reserve by the end of this year
 
- The financial situation in Iraq is still proceeding within what is planned in the state’s general budget
 
- For the first time, under the new Budget and Financial Management Law, allocations to governorates and ministries are rotated
 
The Central Bank is undergoing a major transformation by reorganizing foreign trade
 
- Our procedures in foreign trade are conducted for the first time with the involvement of international institutions
 
The presence of small traders outside the system creates pressure on the market and the imminent launch of a mechanism to regulate their trade
 
We focus on getting everyone involved in sound fundamentalist channels
 
- The Central Bank opened channels for Chinese, Turkish, Indian and  Emirati currency
 
- The imminent launch of a new audit mechanism for trade via foreign currencies
 
- All commercial external transfer operations are subject to review by the competent international company
 
- Meetings in New York at the end of August to discuss lifting sanctions on banks and reviewing transfer operations
 
- The dollar is not given to the traveler until after the departure stamp

The new mechanism guarantees 100 percent access of the dollar to the traveler, and we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah, and Kirkuk.
 
- A government move to increase capital support for the Real Estate Bank and the Housing Fund in the budget
 
The Bank’s initiatives have an exceptional role in trying to fill the housing deficit
 
- The capital increase paragraph for the Real Estate Bank and the Housing Fund in the budget has not been implemented yet
 
- We do not want bank financing to be a substitute for the investor’s obligations
 
We directed the Real Estate Bank to finance complexes with completion rates of 80 to 90 percent   
 
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