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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The Central Bank explains to Parliament "the reasons for the rise in the exchange rate" and the repe

    Rocky
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    The Central Bank explains to Parliament "the reasons for the rise in the exchange rate" and the repe Empty The Central Bank explains to Parliament "the reasons for the rise in the exchange rate" and the repe

    Post by Rocky Mon 24 Jul 2023, 9:48 am

    The Central Bank explains to Parliament "the reasons for the rise in the exchange rate" and the repercussions of US sanctions
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    Baghdad today - Baghdad
    Today, Monday (July 23, 2023), the Central Bank of Iraq affirmed the necessity of striking a balance between the supply and demand for foreign currency, monitoring the cash currency entering and leaving through the outlets, and ensuring its entry in a legal manner. 
    The media department of the House of Representatives stated in a statement received by "Baghdad Today", that "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, regarding the discussion of the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks." 
    During the hosting, which was attended by a number of deputies from other committees, the head of the committee welcomed the governor, stressing that "there is optimism in the process of reforming the economic reality, money management, and the path of controlling the exchange rate."
    He added, "We hope to achieve economic stability and improve performance," pointing 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 the need to find measures to control the labor market and the exchange rate."
    The statement continued, "Al-Alaq reviewed a number of issues related to the work of the central bank and monetary policy," noting that "the task of the central bank is to achieve monetary stability and control prices." 
    Al-Alaq stressed, "The necessity of creating a balance between supply and demand for foreign currency, and monitoring the cash currency entering and leaving through the outlets and confirming its entry in a fundamental manner," noting that "the general principle of monetary stability is the linkage of the exchange rate with cash," adding that "the problem lies in increasing the demand for currency, while the bank provides currency through the platform, stressing its willingness to cooperate in order to get out of the crisis." 
    The members of the committee asked
    He pointed out, "The observations focused on the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks approved by the central bank, and finding clear plans to address the financial situation, since the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the consequences of the stage." 
    At the end of the meeting, the Finance Committee affirmed
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