Central Bank Governor sets benchmarks for achieving exchange rate stability

Baghdad – Mawazine News
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, the continuation of several measures to move to the digital economy in direct coordination with Prime Minister Mohammed Shia Al-Sudani, while referring to standards that maintain the stability of the exchange rate.
Al-Alaq said, in his speech during the first banking conference of the Central Bank of Iraq, that “the conference is being held within the framework of continuous efforts to strengthen the banking sector to reach a stable, safe and effective financial system in light of the rapid changes, developments and challenges witnessed by the world in the transformations of the financial structure, regulations and business rules and the accompanying great progress in the use of financial technologies.”
“Following developments to prioritizing the infrastructure of financial systems and business rules is the strategic goal to employ this experience in the right and safe directions and study the associated risks,” he added.
He added that “this is done through: consolidating the rules of compliance stipulated in the Anti-Money Laundering and Financing of Terrorism Law No. 39 of 2015, and applying international practices and standards to preserve the integrity of the financial system from local and international risks and procedures, and to ensure the transparency and integrity of financial operations, as well as the transition from the monetary economy to the digital economy.”
He pointed out that “these rules are the ones that preserve the integrity of the financial system, but rather save Iraq from serious risks,” noting that there is “a close relationship between the application of these standards and the flow of transfers and maintaining the stability of the exchange rate.”
He pointed out that “the phenomenon of the monetary economy constitutes a major obstacle to the optimal employment of cash and the development and stimulus of the economy, and a major challenge to achieving monetary policy objectives in achieving monetary stability, and weakens control and control over the movement of funds and maximizes the risks of financial crimes and illicit practices.”
He stressed that “many measures are being worked on on the transition to the digital economy, in direct and continuous coordination between the government represented by Prime Minister Mohammed Shia Al-Sudani personally, the Central Bank, and the relevant authorities.”
The first banking conference of the Central Bank of Iraq in Erbil Governorate kicked off on Saturday morning. Ended 29/h

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