- Time : 2023/01/23 11:08:32
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{Economic: Al-Furat News) Prime Minister Mohammed Shiaa Al-Sudani, Governor of the Central Bank of Iraq Mustafa Ghaleb has been relieved of his position against the backdrop of the continued rise in the dollar exchange rate and the bank’s inability to rein in it.
Al-Sudani assigned former governor of the bank Ali Mohsen Al-Alaq to manage the Central Bank by proxy.
The Prime Minister also retired the director of the Trade Bank of Iraq and assigned Riblal Al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.
Al-Sudani commented on the changes by saying that “the departments assigned to the Central Bank and the Trade Bank of Iraq have skills and will work to reduce the rise in exchange rates.”
It is noteworthy that the Iraqi dinar has lost about 10 percent of its value, as the Wall Street Journal says in a report published a few days ago, after “ambiguous” procedures for many, related to imposing compliance rules on the transactions of the Central Bank of Iraq with currency traders with regard to the US dollar.
Under the new measures, Iraqi banks are required to make dollar transfers on a new online platform with the Central Bank of Iraq, which is then reviewed by the Federal Reserve.
U.S. officials have said the system aims to curb the use of the Iraqi banking system for dollar smuggling and money laundering across the Middle East.
The dollar exchange rate in local markets has been rising for days and reaches 1600 dinars per dollar or slightly lower and sometimes exceeds it.
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