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Central Bank: Controlling the exchange rate is everyone's responsibility
Economical 2023/03/05
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Hussein Thaghb Al-Tamimi
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, stated that the stability of the dollar exchange rate is everyone's responsibility, indicating that the reforms of the Central Bank have become clear to the banking sector.
Yesterday, Saturday, Baghdad hosted a forum and exhibition of banking and commercial services for merchants and businessmen.
The Deputy Governor said in his speech during the forum, which was attended by "Al-Sabah": "The financial sector is witnessing a clear process of reform at all levels with regard to the banking sector and electronic payment, especially since the banking sector suffers from some problems that represent previous accumulations, and this year will witness important developments in payment." email".
Khalaf added, "The state generally tends to use cash devices and reduce the use of cash in the process of exchanging the banking sector, which suffers from some old problems," noting that "the Central Bank continues in the reform process with these challenges facing public and private banks that have an important role in meet the needs of the banking sector.
He continued, "The Central Bank has worked to establish facilities for financing merchants and external transfer of trade, and there is a clear commitment in the Anti-Money Laundering Law for Financing Terrorism," pointing out that "the banking sector is the main sector in any economic development, and the infrastructure in the financial sector is a fundamental pillar of any economic development and growth.
He stated that "the current year will witness a significant, remarkable and tangible development for the banking sector and the electronic payment process," pointing out that "there are extensive procedures within the powers of the Central Bank, but there is also an important aspect that falls on the ground that needs legislation, and therefore the issue of the exchange rate that concerns all citizens and its stability Everyone's responsibility."
He stressed that "the Central Bank works, legislates, and issues instructions and orders to facilitate proper access to foreign currency, whether they are travelers or merchants," pointing out that "this meeting will be the beginning of continuous communication between the real sector and the banking sector to reduce the challenges and problems facing the two sectors, and we will be present as a central bank." And listen to any challenges and overcome all difficulties.
For his part, the head of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, explained that "the exchange rate crisis that the country is suffering from requires collective action to overcome it and go towards creating a sober economy that puts Iraq in the right place among the countries of the world."
He added, "Iraq has the elements of economic advancement, and we must invest it to serve the country, especially with the support of the executive and legislative authorities, as the day has come when we work on building Iraq," noting that the discussion among the participants is positive and achieves results that serve the country.
Regarding the axes of the forum, the Chairman of the Finance Committee in Parliament, Atwan Al-Atwani, said: Here we must diagnose the defect that is represented in the reluctance of merchants to go to the platform, and we must discuss this with merchants and reach a solution.
He pointed out the need to know the reasons why merchants went to the local market to obtain dollars, and to find out the real reasons. Is it taxes or customs?
Deputy Executive Director of the Association of Private Banks Ahmed Al-Hashemi said: The conference brings together the banking system with the family of commerce to answer all inquiries of merchants regarding foreign imports, mechanisms for opening accounts, and what is required by the external import process with regard to documentary credit or transfer.
He added, "The goal is to bring merchants together with banks so that the meeting will be useful to serve the import process, and to make all transfers take place through the banking system and officially, and to form real data on imports and their necessary amounts, pointing out that the conference provides assurances to merchants regarding external transfers and their organization, and this limits Money laundering operations and puts Iraq in front of compliance with any currency, not just the dollar.
Haider al-Rubaie, a specialist in economic affairs, said: "We hope that the outputs of this conference will serve the poles of the local market, including merchants and importers, all the way to the owners of single stores who faced major problems because of the exchange rate and transferring their money from the Iraqi dinar to the dollar to recover capital."
He continued by saying: "We need real interest and work from banks, especially civil ones, and we hope that banks will work to serve the private sector and facilitate procedures in all commercial operations."
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