The Central Bank forms a joint operations room with banks to control the exchange of the dollar

economy

2023-02-05 | 12:50

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Central Bank Governor Ali Al-Alaq held a meeting on Sunday with the heads of councils, general managers and commissioners of government and private banks to make the necessary arrangements for the first package of exchange rate control measures.

The bank said in a statement received byAlsumaria News“Alaq met with the heads of councils, general managers and commissioners of government and private banks to make the necessary arrangements for the first package of exchange rate control procedures into practice, and clarify and simplify the procedures to achieve smoothness and speed in the implementation of dollar purchase orders.

The governor stressed “the ability of the Central Bank to meet all legitimate requests,” noting that “an important second package will be issued in the middle of this month.”

He pointed out: “There are no restrictions, internal or external, on the external transfer or sale of cash of the dollar in compliance with the agreementthe International Monetary Fundwhich was ratified by the House of Representatives in 2008, and that the new system does not aim to restrict the response to legitimate requests, as much as it aims to provide protection to the banking and financial system from illegal or suspicious operations, supports the application of the Anti-Money Laundering and Terrorist Financing Law and related instructions, and also enhances the openness of the banking sector abroad, which has been deprived of

The governor pointed out that “the exchange rate is related to the lives of citizens and their purchasing capabilities, which should be stable at the target levels a high priority, and the efforts of the relevant concerned parties should be combined, to prevent harm to citizens.”

Keywords directed “not to limit requests to external transfer and cash in Baghdad, and to take immediate measures to receive branches of banks in the provinces those requests, and pointed out directly tothe Central Bank of IraqBy opening new external channels and outlets to facilitate external transfers and avoid the role of intermediaries who are not qualified to do so.”

He warned against “exploiting the current circumstance to carry out unauthorized acts or activities that make the situation more difficult,” noting that “the Central Bank will take strict punitive measures against violators sanctioned by him, and also praised the role of some banks in adhering to everything that achieves the desired goals.”

The governor listened to “the observations and proposals of the meeting, and directed the departments of the Central Bank to take the necessary measures on them, and a joint operations room was formed between the Central Bank and banks, to follow up the implementation of the first package of measures, monitor phenomena, results and obstacles and make appropriate recommendations thereon.”

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