Government adviser: upcoming relationship visit to New York will support banking system protection and stability, 20 AUGUST

 Economy News – Baghdad

The adviser to the Prime Minister for Finance Affairs, Mazhar Mohammed Saleh, confirmed on Saturday that the expected visit of the Governor of the Central Bank Ali Al-Alaq to New York will support the protection and stability of the banking system, while he pointed out that the file of punishing banks requires negotiation because of the possibility of a mistake or over-issuing a decision to punish them.

Saleh said in a statement reported by the official news agency, seen by “Economy News”, that “the Central Bank is a strategic institution that works to support the value and stability of the dinar and build balances in the Iraqi balance of payments and the regularity of payments and international reserves supporting Iraq’s foreign trade.”

“Because of the economy’s rid, the central bank and its reserves have become a nutritious and financial for foreign trade for the private sector,” he added.

He pointed out that “Iraqi oil sales in dollars, and deposited with the US Reserve Bank through an open account in the name of the Central Bank managed by the bank on behalf of the Iraqi government.”

He continued, “The expected visit of the Governor of the Central Bank Ali Al-Alaq to New York City in the United States of America comes to protect the Iraqi banking system and support its stability.”

He explained, “The Central Bank, by virtue of its work and responsibility, to maintain the financial system of Iraq, must negotiate with the American side on the file of banks to mitigate the deprivation against banks, as perhaps there is a mistake or exaggeration that has already been punished by the American side,” stressing that “there is determination and communication from the Central Bank of Iraq in a good and positive way to protect the Iraqi banking system.”

Earlier, Central Bank Governor Ali Al-Alaq confirmed in an interview with the Iraqi News Agency (IAI), that “there are meetings to be held with the Federal Bank and the US Treasury Department at the end of August to review aspects related to external transformation processes and discuss sanctions on some banks.”