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Central resort to banking companies to get out of the dollar crisis
The first 2023/07/25
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Baghdad: Abdul Rahman Ibrahim
Only days passed since the United States imposed sanctions on fourteen Iraqi banks, until the market became inflamed and the crisis of the dollar's exchange rate against the dinar returned to the fore again.
In an attempt to cover the high demand and the increase in supply, the Central Bank decided, yesterday, Monday, to allow exchange companies of categories A and B to open deposit accounts to participate in the window for buying and selling foreign currency.
According to a document issued by the Central Bank, this measure comes within the framework of facilitating cash sales in US dollars to travelers.
Yesterday, the Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss the banking sector, the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.
Al-Atwani said, "There is optimism in the process of reforming the economic reality, money management, and the path of controlling the exchange rate," adding, "We hope to achieve economic stability and improve performance."
He pointed out that there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and measures must be found to control the labor market and the exchange rate.
For his part, Ali Al-Alaq reviewed a number of issues related to the work of the Central Bank and monetary policy, indicating that the Central Bank's mission is to achieve monetary stability and control prices.
He stressed the need to create a balance between supply and demand for foreign currency, and to monitor the cash currency entering and leaving through the outlets and ensuring its entry in a proper manner, adding that the general principle of monetary stability is the linkage of the exchange rate to cash.
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