Baghdad today – Baghdad
An official source at the Central Bank of Iraq revealed, on Sunday (August 25, 2024), the close visit of the bank’s governor Ali Al-Al-Alaq to the United States of America to resolve the file of Iraqi banks deprived of dollars.
The source told Baghdad Today that “at the end of this month, there will be an important visit of the Governor of the Central Bank of Iraq Ali Al-Alaq to New York City in the United States of America to hold several meetings with the US Federal Reserve and the US Treasury to discuss the file of Iraqi banks deprived of dealing in dollars, and the possibility of lifting this deprivation from them, as this negatively affected the Iraqi banking and financial reality.”
The source, who asked not to be named, said that “these Iraqi banks are not punished, but are only deprived of dealing in dollars, and the visit to Al-Alaq comes in order to lift that deprivation, as well as discuss protecting the Iraqi banking system and supporting its stability.”
It is noteworthy that the governor of the Central Bank of Iraq, Ali Al-Alaq, decided on Wednesday, (Aug. 7, 2024), the debate over the reconsideration of dollar exchange rates.
Al-Alaq said, in press statements, followed by “Baghdad today”: “There is no direction to reconsider the dollar exchange rates,” pointing out that “the Central Bank sells more than 250 million dollars daily at the official rate.”
He pointed out that “the bank covers the requirements of foreign trade and some do not want fundamentalist methods,” noting that “the view that the dollar price has risen or fallen is not a true indicator.”
“The success of the central bank in controlling inflation compared to other countries,” he stressed, adding, “We will reach 100 percent of foreign transfers without going through the US federal at the end of this year.”
He stressed, “The financial situation in Iraq is still going within what is planned in the general budget of the state,” noting that “for the first time, by virtue of the new budget and financial management law, the allocations of the provinces and ministries are rotated.”
“The Central Bank is in the process of major transformation by reorganizing foreign trade, and our foreign trade measures are being conducted for the first time with the involvement of international institutions,” Al-Alaq said.
“There are small traders outside the system that are putting pressure on the market and is about to launch a mechanism to regulate their trade, and we focus on getting everyone involved in sound fundamentalist channels,” he continued.
He revealed that “the central bank has opened channels for Chinese, Turkish, Indian and Emirati currencies,” announcing, “the imminent launch of a new audit mechanism for foreign exchange trade.”
He stressed that “all commercial external transfers are subject to review by the competent international company,” revealing “meetings in New York at the end of August to discuss the lifting of sanctions on banks and review the transfers.”
Al-Alaq explained, “The dollar is not granted to the traveler until after the departure seal,” noting that “the new mechanism ensures the arrival of 100 percent dollars for the traveler and we started it in Baghdad and then Najaf, Basra, Erbil, Sulaimaniyah and Kirkuk.”
He added, “A government direction to increase capital support for the land bank and the housing fund by budget,” noting that “the bank’s initiatives have an exceptional role in trying to fill the deficit on the subject of housing.”
The Governor of the Central Bank announced that “the capital increase paragraph of the the Land Bank and the Budget Housing Fund has not yet been implemented, and we do not want the bank’s financing to be a substitute for the investor’s obligations,” noting “the real estate bank’s guidance to finance complexes with completion rates of 80 to 90 percent.”
https://baghdadtoday.news/256475-لحسم-ملف-المصارف-المحرومة-من-الدولار.-العلاق-الى-واشنطن-قريباً.html