Governor of the Iraq Central Bank: We are on alert to control the exchange rate of the dinar

 

Governor of the Iraq Central Bank: We are on alert to control the exchange rate of the dinar

link   this came from kurdish news

 

Today, Thursday, the governor of the Central Bank, Ali Al-Alaq, stressed the government's commitment to not reaching the dollar's exchange rate to countries with which the United States prohibits dealing in the American currency, pointing out that Iraq is on alert to control the dinar's exchange rate.

 

Al-Alaq said in a press statement on the sidelines of the meetings of the World Bank and the Monetary Fund in Washington, reported by "Bloomberg" and viewed by NRT Arabia, that "the American requirements for controlling transfers do not classify them as restrictions, but rather all that is required is the application of the money laundering and combating terrorism law."

 

He added, "We are on alert in the central bank to control the exchange rate of the dinar," explaining that "this problem is not related to an internal financial crisis, but rather related to pre-audit procedures for external transfers of hard currency."

 

Al-Alaq explained that "external transfers through the platform" multiplied very quickly, which created a balance in supply and demand for the dollar, "disclosed," the US treasury agrees with us on the need to expand external transfer channels.

 

He stressed, "The new system does not aim to restrict responding to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the implementation of the Anti-Money Laundering and Terrorist Financing Law and the instructions related to it."

 

With regard to structuring banks, Al-Alaq pointed out that “the target of structuring banks is government banks that represent more than 80% of the sector, and the positive thing is that there is harmony between the government and the central bank to reform the banking sector,” revealing that “all options are available to structure and develop the sector in a manner that Including mergers.

 

Yesterday, Wednesday, the US Treasury Department showed great flexibility and willingness to assist the Central Bank of Iraq in achieving stability in the exchange rate of the dollar against the dinar.

 

The media office of the Central Bank said in a statement, NRT Arabia received a copy of it, that "this came during a meeting with the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, today, with Assistant Secretary of the US Treasury Brian Nelson, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank."

 

The statement added, "The two parties discussed facilitating the procedures of the Central Bank of Iraq in the process of financial transfers, while the US Treasury showed great flexibility and willingness to assist the Central Bank of Iraq in its efforts to achieve stability in the exchange rate."

 

The governor of the Central Bank confirmed, according to the statement, that he "agreed with the Assistant Secretary of the US Treasury to intensify communication between the technical teams of the two parties to implement the facilitation steps that were agreed upon during the meeting, within a short period."

 

In the same context, it was agreed with the International Monetary Fund and the World Bank to hold a "non-financial" program that includes the Fund providing technical and advisory support for the economic reform adopted by the Iraqi government in achieving financial and monetary stability.

 

And began in the American capital, Washington, the meetings of the Iraqi delegation with the International Monetary Fund and the World Bank, in the presence of the Governor of Iraq in the Fund, Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq, Minister of Finance Taif Sami, and the technical delegation accompanying them.

 

He explained, "The meeting witnessed a discussion of Iraq's direction towards concluding a (non-financial) program that includes the Fund providing technical and advisory support for economic reform adopted by the Iraqi government in achieving financial and monetary stability," noting that "it was agreed to prepare a draft agreement on the program and start implementing it in the coming days.”

 

According to the statement, Al-Alaq called on the fund to "provide support to the Central Bank of Iraq in its measures to achieve stability in the exchange rate in accordance with international practices, and the Iraq agreement with the International Monetary Fund, which was ratified by the Iraqi parliament in 2008."

 

 

this is in the Baghdad area news but it's pretty much the same article 

Governor of the Bank: Iraq is on alert to control the exchange rate of the dinar

link

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed, on Thursday, that Iraq is on alert to control the exchange rate of the dinar, stressing the government's commitment not to reach the dollar exchange rate to countries with which the United States prohibits dealing in the American currency.

Al-Alaq said in a press statement on the sidelines of the meetings of the World Bank and the Monetary Fund in Washington, reported by "Bloomberg" and seen by Shafaq News agency, that the American requirements to control transfers "we do not classify them as restrictions, but rather all that is required is the application of the money laundering and combating terrorism law."

He continued, "We are on alert in the Central Bank to control the exchange rate of the dinar," explaining that this problem "is not linked to an internal financial crisis, but is related to pre-audit procedures for external transfers of hard currency."

He added that "external transfers through the platform" multiplied very quickly, which created a balance in supply and demand for the dollar, "disclosing, "The US Treasury agrees with us on the need to expand external transfer channels."

He stressed that "the new system does not aim to restrict responding to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the implementation of the Anti-Money Laundering and Terrorist Financing Law and the instructions related to it."

With regard to structuring banks, the governor of the Central Bank of Iraq, Ali Al-Alaq, pointed out that "the target of structuring banks is government banks that represent more than 80% of the sector, and the positive thing is that there is harmony between the government and the central bank to reform the banking sector," revealing that all options are available for structuring the sector. and its development, including mergers.

Yesterday, Wednesday, the meetings of the Iraqi delegation with the International Monetary Fund and the World Bank began in the US capital, Washington, in the presence of Al-Alaq and Finance Minister Taif Sami.

And the US Treasury Department showed "great flexibility and willingness" to assist the Iraqi Central Bank in achieving stability in the exchange rate of the dollar against the dinar.

my favorite article today

The Iraqi Trade Bank decides to adopt the dinar "only" in its electronic financial transactions

link

The Iraqi Trade Bank decided, on Wednesday, to adopt the dinar currency only in all ATMs and electronic financial services.

The media advisor to the bank, Aqil Al-Shuwaili, said, “In support of the Iraqi national currency by adopting it in financial transactions inside Iraq and not using the dollar currency, and in implementation of the decision of the Council of Ministers and the directives of the Central Bank of Iraq, it was decided that the cash currency approved in all ATMs of the Iraqi Trade Bank be in the currency of dinars only.

Al-Shuwaili added, in an interview with the official news agency, that "it was decided to cancel the dollar currency from ATMs, and also to adopt the national currency in all electronic financial services."

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IMF, World Bank to support Iraq with monetary stability

link  from Kurdish news

The International Monetary Fund (IMF) and the World Bank agreed to provide “technical and advisory” support to the Iraqi government in enacting reforms and stabilizing the currency, a statement by Iraq’s Central Bank said on Wednesday. 

Headed by the governor of the Central Bank, Ali Mohsen al-Alaq and deputy finance Minister Taif Sami, the Iraqi delegation discussed Iraq's move towards holding a "non-financing" program that includes the IMF’s provision of technical and advisory support for the economic reform adopted by the Iraqi government in achieving financial and monetary stability.

“‎It was agreed to prepare a draft agreement on the program and to start implementing it in the coming days,” the statement read. 

“The central bank also called on the IMF to provide support for the central bank to achieve exchange rate stability,” said the statement highlighting that the agreement will be in accordance with international practices and Iraq’s agreement with IMF in 2008, which was ratified in parliament.

Alaq also met with Brian Nelson, the US Department of the Treasury's Under Secretary for Terrorism and Financial Intelligence, to discuss facilitating the procedures of the central bank in the process of financial transfers.

The stability of the exchange rate is an issue that faced the Iraqi government at the start of the year, as the value of the Iraqi Dinar started depreciating in the Iraqi markets against the US dollar.

In January, the value of a US dollar was placed at 1,750 IQD - the highest since the issuing of new banknotes in 2003.

The drop in the Iraqi dinar value was attributed to corruption, smuggling dollars out of Iraq, and pressure from the United States.

The Iraqi public servants are the most affected by the instability of the exchange rate, as their salaries suffered from the drop in the currency value.

Iraqi Prime Minister Mohammed Shia’ al-Sudani - who has vowed to control the unstable exchange rate - sacked the governor of the country’s Central Bank head in late January, replacing Mustafa Ghalib Makhif with Alaq as protests in Baghdad ensued after prices of goods surged.

Iraq earlier in February restored the exchange rate of the IQD-USD to 1,300 per dollar, the highest value of the dinar since 2020, amid a depreciation of the dinar leading to a surge in prices of basic goods and protests by Iraqi citizens.

The Iraqi Central Bank in late 2020 devalued the dinar against the US dollar by 22 per cent, dropping it from 1,182 IQD to 1,450 IQD and sparking public outrage. The devaluation came in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

 

Washington shows "great" willingness to support the central bank's efforts to stabilize the exchange rate

link

 

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met, on Wednesday, with US Assistant Secretary of the Treasury Brian Nelson, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.

The two parties discussed, according to a statement by the Central Bank, “facilitating the procedures of the Central Bank of Iraq in the process of financial transfers, while the US Treasury showed great flexibility and willingness to assist the Central Bank of Iraq in its efforts to achieve stability in the exchange rate.”

Al-Alaq confirmed that he "agreed with the Assistant Secretary of the US Treasury to intensify communication between the technical teams of the two parties to implement the facilitation steps agreed upon during the meeting, within a short period."

The Central Bank calls on the Monetary Fund to support its measures to achieve exchange rate stability

link

 

The Central Bank of Iraq announced, on Wednesday, that the Iraqi delegation held a meeting with the International Monetary Fund and the World Bank in Washington.

A statement by the Central Bank, received by (Iraqi Information News Agency / INA), stated that “the meetings of the Iraqi delegation with the IMF and the World Bank in the American capital, Washington, began with the presence of the Governor of Iraq in the Fund, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, and the Minister of Finance, Taif Sami, and the technical delegation accompanying them. ".

He added, "Iraq's approach to holding a (non-financial) program was discussed, which includes the Fund providing technical and advisory support for the economic reform adopted by the Iraqi government in achieving financial and monetary stability."

He pointed out, "It was agreed to prepare a draft agreement on the program and start implementing it in the coming days."

Al-Alaq called on the fund to “provide support to the Central Bank of Iraq in its procedures to achieve stability in the exchange rate in accordance with international practices, and the Iraq agreement with the International Monetary Fund, which was ratified by the Iraqi Parliament in 2008.”

The Minister of Finance instructs the Accounting Department to continue working hours on tomorrow and the day after tomorrow

link

The Minister of Finance, Taif Sami, directed today, Wednesday, to continue the official working hours in the Accounting Department on the coming Friday and Saturday, for the purpose of completing all salary financing procedures.

A statement by the ministry, received by (Al-Oula News), stated, “The Minister of Finance, Taif Sami Muhammad, directed the continuation of official working hours in the Accounting Department on the coming Friday and Saturday.”

He added, "This decision came for the purpose of completing all salary financing procedures for ministries, non-related agencies, and governorates before the blessed Eid Al-Fitr holiday."