Tuesday, August 27, 2024

Why this meeting is important? BY ARIEL, 27 AUGUST

 ARIEL

Why this meeting is important? Firstly, the Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, is in discussions with key financial institutions, including the U.S. Federal Reserve and the U.S. Treasury. 

These discussions are centered on resolving issues related to Iraqi banks that have been restricted from dealing in U.S. dollars. 

This restriction has caused a strain on Iraq’s banking sector and has contributed to the instability of the Iraqi Dinar's value. 

By addressing these issues, Iraq aims to stabilize its financial system and create a more favorable environment for increasing the Dinar’s value​. Secondly, Iraq’s economic policies, particularly those aimed at supporting the Dinar, are under review. 

The CBI is focusing on strengthening the Dinar against the U.S. dollar by enhancing the banking sector, improving foreign trade mechanisms, and increasing international financial cooperation. 

These efforts are seen as foundational steps toward a potential revaluation or reinstatement of the Dinar to a more favorable exchange rate.

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