Baghdad (IraqiNews.com) – The governor of the Central Bank of Iraq (CBI), Ali al-Alaq, rejected on Tuesday fears over currency swings, saying that Iraq’s currency exchange rate is steady and would not fluctuate.
In his speech during the launch ceremony of the electronic receipts initiative “E-Psule,” al-Alaq stated that Iraq has no difficulties with its gold or foreign currency reserves and would continue to infuse US dollars into the market to ensure financial stability.
Al-Alaq emphasized that a heavy reliance on cash transactions is no longer suitable for the requirements of today’s financial system.
The Iraqi official stated that developing a modern financial system necessitates safe, rapid, and transparent electronic systems. He added that the growth of electronic payment systems has made daily transactions easier and saved individuals and companies time and money.
The CBI has pushed electronic transaction reforms in the past few years as part of a larger attempt to improve financial inclusion and minimize illicit currency flows, according to al-Alaq.
Al-Alaq highlighted the importance of working with the Kurdistan Regional Government (KRG) to consolidate banking systems and enhance digital services.
The CBI’s governor noted that monetary cooperation with Iraqi Kurdistan represents an essential aspect of long-term growth, highlighting the importance of unified banking and electronic payment systems.
Al-Alaq mentioned that the “E-Psule” application represents an example of realistic cooperation between the public and private sectors.
Iraq is working to strengthen its finance system, diversify capital markets, and lessen reliance on transactions based on cash.
