Clare: Central Bank Governor: Opening external channels with foreign currencies to eliminate the black market
Governor of the Central Bank, Ali Al-Alaq, confirmed today, Thursday, that opening channels in foreign and Arab currencies achieves stability in the exchange rate and gradually eliminates the black market.
The media advisor of the Trade Bank of Iraq (TBI), Aqeel Al-Shuwaili, said in a statement received by the Iraqi News Agency (INA): “The governor of the Central Bank visited the Trade Bank of Iraq and appreciated the bank’s efforts to expand its customer base of importing merchants and the procedures to facilitate their transactions in a way that contributes to achieving stability in the exchange market. ”
The governor of the Central Bank stressed – according to the statement – the need to make efforts to achieve fluidity and provide the best banking services to the bank’s customers.
The governor pointed out that “the Central Bank’s continued opening of multiple external channels in foreign and Arab currencies achieves continuous stability in the exchange rate and gradually eliminates the black market.”
Tightening Control Over Suspicious Financial Transfers Reduces Manipulation Of Exchange Rates
Advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday, that tightening control over suspicious financial transfers reduces manipulation of exchange rates and the stability of the national currency, while limiting speculation reduces the use of foreign currencies in unproductive operations.
Saleh said in a statement to the Iraqi News Agency (INA):
“The Prime Minister’s directives to the monetary and financial authorities stressed the intensification of inspection and control procedures for financial transfers and monitoring speculators.
This remains of great importance in enhancing currency stability and reducing speculation that is harmful to the national economy, through mechanisms leading to…
To combat illegal speculative activities, including specifically:
tightening control over suspicious financial transfers that conflict with the rules of compliance and transparency and in a way that reduces illegal activities,
such as “Smuggling money or manipulating exchange rates, which maintains the stability of the value of the national currency.” He added,
“Taking strict measures against speculators and manipulators in the currency market
strengthens confidence in the financial system and
demonstrates the strength of government policy in protecting the national economy, and
increases the confidence of citizens and investors in the country’s financial system, as well as
directing resources towards the real economy to invest in the opportunities available in it, whether industrial.” Or agricultural or services,” pointing out that
“by limiting speculation, the use of foreign currencies in unproductive operations is reduced, which helps save them to finance imports or beneficial investments.” He continued,
“The measures to protect against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illicit gains, which enhances the stability of the local market.” Saleh stated that “the importance of
reducing speculation and the opportunities of speculators remains to enhance the efficiency of the banking system through the role of monitoring financial transfers,
which undoubtedly
contributes to revealing the gaps in the banking system and
enhancing governance and transparency in it, as such measures are in line with the comprehensive reform plan for the financial sector.” and banking, and aims to enhance financial stability and prevent violations that negatively affect the national economy.”
The Governor Of The Central Bank Of Iraq Receives A Delegation From The International Finance Corporation
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation, which included the director of the institution’s financial sector in the region, Mr. Yousef Habash, and Mr. Bilal Al-Zaghir, the resident representative in Iraq, the financial investment officer, and the head of the advisory department.
During the meeting, they discussed
strengthening bilateral relations between the Central Bank of Iraq and the International Finance Corporation, the importance of
cooperation between local banks and correspondent banks with technical support from the institution, and the
development of Islamic banks operating in Iraq, as well as the
banking reforms that the bank is carrying out in cooperation with the concerned authorities, especially the restructuring of government banks. The
role of international companies working in this field (Ernst & Young and Oliver Wyman).
His Excellency the Governor discussed the proposal to establish a leasing finance company with local and foreign contributions,
which is one of the financial systems used to provide financing for projects and individuals without the need to directly purchase assets such as
industrial machinery and equipment,
vehicles, offices, and
warehouses.
This proposal supports
emerging projects and
small and medium-sized companies that are looking for easy financing. And flexible.
The meeting discussed the importance of launching Riyada Bank during the next year, which will support projects with small and medium loans, in line with the government’s vision of supporting graduates and entrepreneurs and developing labor markets. Central Bank of Iraq
CBI, IFC Discuss Setting Up Leasing Company In Iraq
The new headquarters of the Central bank of Iraq (CBI). Photo: Zaha Hadid Architects
Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, and officials from the International Finance Corporation (IFC) discussed on Wednesday strategies to set up a leasing company with both local and foreign funding.
The meeting addressed strategies to improve the CBI-IFC relationship, the value of encouraging local banks to work with correspondent banks with IFC technical assistance, and the growth of Islamic banks in Iraq.
The two sides talked about the role of foreign firms like Ernst & Young and Oliver Wyman working in this sector, as well as the CBI’s banking reforms implemented in collaboration with the pertinent Iraqi authorities, including the reorganization of government banks.
Since a leasing company funds the asset and leases it for use or ownership, this approach assists new projects and small and medium-sized businesses seeking simple and flexible financing, according to Al-Alaq.
In keeping with the government’s goal of assisting recent graduates and entrepreneurs while simultaneously fostering the growth of labor markets, the meeting additionally addressed the establishment of Riyada Bank in 2025, which would provide small and medium-sized loans to projects.
The Iraq Fund For Development Announces The Imminent Launch Of 4 Basic Projects
Tuesday, the head of the Iraq Fund for Development, Muhammad al-Najjar, revealed the fund’s future plans, while confirming the imminent launch of 4 basic projects.
Al-Najjar said, in a statement to the Iraqi News Agency (INA):
“The Fund has spent the first year of its work arranging and organizing its affairs, given that it is a completely new experience in Iraq, and has no local backgrounds,” noting
“the use of international companies and institutions to support it in this.” field”. He added,
“During the second year, we focused on 4 basic projects that will be launched soon through (Lease and Own), and now we are ready to start the projects that we promised the public.”
He pointed out that “during the coming period, new projects will be announced, approximately the equivalent of a new announcement every month,” noting that
“each project goes through stages of preparation and study that may take from 6 to 7 months for the purpose of reaching convictions that these projects are good and serve the citizens of the world.” “By preparing the right partners and financing because we work largely with the private sector.” He continued: “Soon many projects will appear on the ground.”
