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[size=36]Deputy: The Central Bank will issue within two days new instructions to control exchange rate fluctuations[/size]
Economie| 11:30 - 02/02/2023
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Baghdad - Mawazine News
The Parliamentary Finance Committee revealed, on Thursday, new procedures for the Central Bank of Iraq to control exchange rate fluctuations, while it put forward a set of recommendations to control them.
A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, told the official news agency, "The central bank must meet the requirements of the US Federal Bank to prevent or reduce pressure on the bills sent to it, to limit the scarcity of hard currency in the country."
And he stressed, "the need to find real solutions to the mechanism for granting banking licenses, and to give confidence to merchants that they deal directly with the Central Bank without mediation, in order to control the economic reality and the movement of the dollar within the country."
Al-Karawi called on the government to "work to resolve the file of fluctuating exchange rates in the markets, and to remove the Federal Bank from controlling the Iraqi economy," explaining that "the previous Iraqi governments did not develop a strategy and a government program to manage the file of the exchange rate and the window for selling the currency."
He added, "The Finance Committee met with the Governor of the Central Bank of Iraq, and proposals that will be put forward to reduce economic pressure on the citizen were listened to," pointing out that "the bank will issue, during the next two days, new instructions with the aim of finding quick solutions for the citizen by increasing the number of outlets and facilitating Procedures for granting banking licenses, opening direct agencies for merchants who import materials from abroad, and controlling border crossings to find out the true volume of the country's imports.
And he continued, "These measures must be taken quickly at the internal level, while the external level will become clear after the visit of the Iraqi delegation to negotiate with the American side on the 10th of February." Ended 29/N33
The Parliamentary Finance Committee revealed, on Thursday, new procedures for the Central Bank of Iraq to control exchange rate fluctuations, while it put forward a set of recommendations to control them.
A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, told the official news agency, "The central bank must meet the requirements of the US Federal Bank to prevent or reduce pressure on the bills sent to it, to limit the scarcity of hard currency in the country."
And he stressed, "the need to find real solutions to the mechanism for granting banking licenses, and to give confidence to merchants that they deal directly with the Central Bank without mediation, in order to control the economic reality and the movement of the dollar within the country."
Al-Karawi called on the government to "work to resolve the file of fluctuating exchange rates in the markets, and to remove the Federal Bank from controlling the Iraqi economy," explaining that "the previous Iraqi governments did not develop a strategy and a government program to manage the file of the exchange rate and the window for selling the currency."
He added, "The Finance Committee met with the Governor of the Central Bank of Iraq, and proposals that will be put forward to reduce economic pressure on the citizen were listened to," pointing out that "the bank will issue, during the next two days, new instructions with the aim of finding quick solutions for the citizen by increasing the number of outlets and facilitating Procedures for granting banking licenses, opening direct agencies for merchants who import materials from abroad, and controlling border crossings to find out the true volume of the country's imports.
And he continued, "These measures must be taken quickly at the internal level, while the external level will become clear after the visit of the Iraqi delegation to negotiate with the American side on the 10th of February." Ended 29/N33
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