Tishwash: Central Bank Governor’s Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?
The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.
An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.
The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.
A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.
Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.
Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are:
Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.
Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.
Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence.
text:
To / Governor of the Central Bank / Office of the Governor
M/ Oral parliamentary question
good greeting.
Based on Article (61/Seventh (1) of the Constitution, and Articles (27) Second) and (29) of the House of Representatives and its Formations Law No. (13) of 2018, and based on Articles (50) and (51) of the internal regulations.
House of Representatives. We refer to you the parliamentary question addressed by Mr. Representative Dr. (Hadi Hassan Al-Salami) to answer it orally in the presence of the Governor of the Central Bank at the House of Representatives session, and the date will be determined later according to the period specified in the legal articles. Media
with respect link
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Low oil prices threaten Iraq’s economy: Does the government have a plan or will it wait and watch?
Economist Omar al-Halbousi confirmed that the drop in oil prices to $75 per barrel is putting Iraq under great pressure, especially since the 2024 budget was approved on the assumption that the price of a barrel of oil will be $80.
Al-Halbousi warned that the continued decline in oil prices will lead to a major collapse and the government’s inability to pay salaries and run the state’s work. link
