EconomyBreakingThe Dollar PriceThe Central Bank Of IraqNew Procedures
Twilight News / The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed on Sunday that a new package of measures will be launched in the middle of this month to control the rise in the dollar exchange rate, while granting bank branches in the provinces the authority for foreign remittances.
The Information Office of the Central Bank said in a statement received by Shafaq News that Keywords met with the heads of boards, 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 procedures to achieve smoothness and speed in the implementation of dollar purchase orders.
The governor confirmed the central bank’s ability to meet all legitimate requests, indicating that a second “important” package will be issued in the middle of this month.
He pointed out that there are no internal or external restrictions on the external transfer or sale of cash to the dollar in compliance with the IMF agreement ratified by the House of Representatives in 2008.
He pointed out 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 long decades.
Keywords 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 of great 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 bank branches in the provinces those requests.
He announced that the Central Bank of Iraq has launched new external channels and outlets to facilitate the conduct of 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, indicating that the Central Bank will take strict punitive measures against violators authorized by it.
The Governor of the Central Bank decided to form a joint operations room between the Central Bank and banks, which will follow up the implementation of the first package of procedures, monitor phenomena, results and obstacles and make appropriate recommendations thereon.