economy| 11:30 – 02/02/2023
Baghdad – Mawazine News
The Parliamentary Finance Committee revealed, on Thursday, new measures for the Central Bank of Iraq to control exchange rate fluctuations, while a set of recommendations was put forward to control them.
“The central bank must meet the requirements of the US Federal Bank to prevent or reduce pressure on bills sent to it, to reduce the scarcity of hard currency in the country,” a member of the parliamentary finance committee Mustafa Al-Karawi told the official news agency.
He stressed, “the need to find real solutions to the mechanism of granting bank licenses, and to give confidence to traders to deal directly with the Central Bank without mediation, in order to control the economic reality and the movement of the dollar inside the country.”
Al-Karawi called on the government to “work to resolve the file of exchange rate volatility in the markets, and to keep the Federal Bank out of control of the Iraqi economy,” explaining that “the former Iraqi governments did not develop a government strategy and program to manage the exchange rate file and the window of selling currency.”
He added that “the Finance Committee met with the Governor of the Central Bank of Iraq, and listened to the proposals that will be put forward to reduce economic pressure on the citizen,” pointing out that “the bank will issue new instructions during the next two days with the aim of finding quick solutions for the citizen by increasing the number of ports, facilitating the procedures for granting bank licenses, opening
He continued, “These measures must be taken quickly at the internal level, but the external level will be clear after the visit of the Iraqi delegation to negotiate with the American side on February 10.” Finished 29/n33