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Al-Sudani issues directives to the Central Bank to stabilize the currency in the Iraqi market
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Baghdad today - Baghdad
Today, Sunday (July 23, 2023), Prime Minister Muhammad Shia al-Sudani and the Governor of the Central Bank, Ali Al-Alaq, discussed several measures to restore the stability of the exchange rate of the dollar against the Iraqi dinar, after it reached levels that exceeded 150 thousand dinars per 100 dollars, while directing the application of Article 48 of the budget to unify tax procedures and not link them to external transfer.
Al-Sudani's media office said in a statement received by "Baghdad Today" that he "met with the governor of the Central Bank, Ali Mohsen Al-Alaq, in the presence of the advisors and the general manager of investment in the bank."
According to the statement, during the meeting, "the measures taken by the Central Bank regarding the stability of the currency in the Iraqi market were discussed, and the most prominent plans prepared to reform, develop and enable the banking sector to take its role in achieving sustainable development and facing challenges."
Al-Sudani listened to "clarifications on the most important facilities provided by the Central Bank, which include allowing small merchants and importing individuals to finance their imports without the need to establish a company, and that this be through government and private banks that have direct relations with correspondent banks."
The Prime Minister directed the Central Bank to "make greater efforts to simplify procedures for citizens, as it was emphasized that the content of the Council of Ministers' decision regarding the payment of installments for investment projects should be implemented by allowing citizens to pay in Iraqi dinars for the values of housing units that they previously purchased in foreign currency."
He also directed "the application of Article 48 of the Federal General Budget Law, to unify and simplify tax procedures on the one hand, and not link them to external transfers on the other hand."
The meeting witnessed an emphasis on proceeding with the measures that the Central Bank will take, related to compensating citizens and companies who buy dollars at the unofficial rate, through the Central Bank deducting the financial difference from banks and exchange companies that sold dollars at more than the price set in the bank, after the purchase from those companies is proven.
During the meeting, the governor of the central bank revealed the bank's intention to "resume the sale of cash dollars through licensed banks in Nineveh Governorate."
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