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Details of the Central Bank Governor's meeting with the heads of banks' boards[You must be registered and logged in to see this link.]
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The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Sunday, that there are no internal or external restrictions on external transfer or cash sale of dollars for “legitimate” requests.
The central bank said, in a statement received by “Baghdad Today”, that “the governor of the Central Bank of Iraq met today, Sunday 5/2/2023, with the heads of councils, general managers, and delegates of government and private banks to put the necessary arrangements for the first package of measures to control the exchange rate into effect, and to clarify and simplify the procedures.” To achieve smoothness and speed in executing dollar purchase orders.
And the governor confirmed, according to the statement, "the Central Bank's ability to meet all legitimate requests," noting that "a second important package will be issued in the middle of this month."
He also stressed that "there are no restrictions, internal or external, on the external transfer or cash sale of dollars in compliance with the International Monetary Fund agreement that was ratified by Parliament in 2008, and that the new system does not aim to restrict response to legitimate requests, as much as it aims to provide protection for the banking system." It supports the implementation of the Anti-Money Laundering and Terrorist Financing Law and the instructions related to it, and also promotes the openness of the banking sector abroad, which it has been deprived of for decades.
The governor pointed out that "the exchange rate is related to the lives of citizens and their purchasing capabilities, which should be a great priority for its stability at the targeted levels, and for the concerted efforts of the relevant parties to prevent harm to citizens."
He directed, "Not to limit requests to external transfers and cash in Baghdad, and to take immediate measures to receive bank branches in the governorates of those requests."
And he warned against “exploiting the current circumstance to carry out unauthorized actions or activities that make the situation more difficult,” noting that “the Central Bank will take strict punitive measures against violators authorized by it, and he also praised the role of some banks in adhering to everything that achieves the desired goals.”
The governor listened to "the remarks and proposals of the meeting, and directed the central bank departments to take the necessary measures in this regard, and it was decided to form a joint operations room between the central bank and banks, to follow up on the implementation of the first package of measures, monitor phenomena, results and obstacles, and make appropriate recommendations in this regard."
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