{Economic: Al-Furat News} The governor of the Central Bank, Ali Al-Alaq, announced that the Federal Bank and the US Treasury are responding to all requests for what Iraq needs from the dollar.
Al-Alaq said in a press interview that “the Iraqi Central will hold a meeting with the US Treasury and the Federal Bank early next month in Dubai,” noting that “radical steps have been put in the framework of reorganizing trade on the right bases,” pointing out that “the electronic platform will end early next year.”
He pointed out that “the Central Bank will come out of the process of conducting the executive aspects in external transfer and its role is limited to supervision, and we worked to find a new relationship between Iraqi banks and internationally accredited correspondent banks abroad.”
He continued, “We succeeded in opening more than 40 accounts for Iraqi banks with correspondent banks abroad, and we put in place radical solutions to end speculative operations and dollar smuggling, and we were able to diversify currencies in foreign transfers.”
Al-Alaq indicated that “import operations in the Chinese yen and the euro have been in force for a while and imports in the UAE dirham will begin next week,” stressing that “there are preliminary understandings with the Turkish side to make transfers through Turkish banks in the euro currency.”
He pointed out that “the US Federal Bank provides support in creating a relationship between Iraqi banks and correspondent banks,” noting that “the opening of accounts for Iraqi banks occurs for the first time, and that the rejection of remittances in the electronic platform began to decline and no restrictions on Iraqi funds abroad.”
Al-Alaq continued by saying, “We began to supply the dollar inward from the accounts of Iraqi banks abroad, and the supply of the dollar comes from what is in the accounts of Iraqi banks abroad, and the Central Bank is studying the request of the bank that supplies the dollar and its needs before giving approval.”
He explained that “the supply of the dollar supports reserves in the central bank and there is a broad reform plan that includes the merger of private banks and the correction of their conditions and the Central Bank is working with the government on a broad plan to develop government banks, which represent the greatest weight in the banking sector.”
He revealed the diagnosis of some traders who put pressure on the dollar cash in the market without following fundamentalist import operations, and the government is working to overcome the episodes that pressure the cash exchange rate, pointing out that “the government issued a decision not to deal with the dollar locally with a study except for some cases.”
Al-Alaq concluded by saying, “There will be follow-up operations in the market and commercial stores to ensure that they enter with an external transfer of assets and there will be besieged operations for each category that pressure the cash dollar in the market.”
