Iraq implements two policies to support the Iraqi dinar against foreign currencies

Political| 04:53 – 24/04/2023

Baghdad – Mawazine News
Prime Minister Mazhar Mohammed Saleh’s financial adviser confirmed on Monday the implementation of two policies that supported the Iraqi dinar against foreign currencies, while revealing government measures that removed obstacles to foreign trade.
Saleh said, “The monetary policy of the Central Bank of Iraq proved that it has the high capacity and flexibility in coordination with supportive government policies in providing exceptional capabilities to impose stability on prices in general and the exchange rates of the Iraqi dinar vis-à-vis foreign currency in particular, which relate to import prices of goods and services.”
He added, “Based on the above, achieving and maintaining stability came through two policies, the first: on the monetary policy side by facilitating external transfer procedures and at the official exchange rate when transferring and limiting foreign currency use through channels, legal procedures and digital banking mechanisms.”
He added that “all these channels and procedures are characterized by high disclosure and governance across the national and international financial and banking system, as well as the adaptation of the Iraqi banking system to the platform of compliance and audit related to foreign currency transfers in a professional, legal and rapid manner without prejudice to the freedom of external transfer and are at the same time consistent with national and international regulatory laws and regulations represented by the three packages of the Central Bank of Iraq.”
He added, “The second is the general government policies, and it relates to the easy coordination measures taken by the Council of Ministers during the last few years in the customs, tax and trade field in a harmonious syndrome that became more accurate after removing bureaucratic obstacles inherited in the foreign trade movement, which gave stability and high flexibility in moving the activity of small traders to exercise their direct role in importing from outside the country and themselves without the chains of intermediaries and the previous monopoly forces accumulated by the market with its imbalances over the past forty years.” Ended

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