The Significance of Exchange Rate Stability
Al Alaq's Speech on New Currency Rate and Lower Denominations in Iraq (August 2024)
In a recent speech, Ali Al-Alaq, the Governor of the Central Bank of Iraq (CBI), provided assurance to the Iraqi public regarding the future of the country's currency. Addressing concerns over the dinar's value and the introduction of lower denominations, Al-Alaq urged citizens to remain patient, promising that a new rate and lower denominations would be implemented soon.
Al-Alaq emphasized the importance of maintaining the stability of the dinar's exchange rate against the US dollar. He highlighted that this stability is essential for the Iraqi trade system and financial transactions, requiring changes and restructuring within the country's trade and foreign exchange systems.
Commitment to International Standards
The CBI Governor also underscored the need to adhere to international practices and standards, particularly those outlined in the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2018. This commitment is crucial for protecting Iraq's financial system from risks and ensuring transparency and the safety of financial operations.
The Process of Monetary Stability
Al-Alaq explained that the process of achieving monetary and exchange rate stability is a significant undertaking that necessitates a series of changes and the restructuring of the Iraqi trade system and foreign transfer system. The CBI is actively engaged in this process, working on daily details to reach a proper path that opens new avenues for facilitating and expediting the necessary reforms.
The Road Ahead
While the specifics of the new rate and the introduction of lower denominations have not been disclosed, Al-Alaq's speech signals a clear commitment from the CBI to address the dinar's value and improve the financial landscape in Iraq. The CBI's efforts are expected to contribute to economic stability and strengthen the country's financial credibility on the international stage.
Closing Remarks
Ali Al-Alaq's speech reflects the CBI's proactive approach to managing the dinar's value and ensuring the stability of Iraq's financial system. The introduction of a new currency rate and lower denominations, once implemented, will mark a significant step in Iraq's ongoing financial reforms.
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