Central Bank Governor Announces Understanding with US Treasury to Review Sanctions on Banks
March 14, 2024
Event: Central Bank Governor Ali Al-Alaq announced the understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks.
A statement by the media office of MP Atwan Al-Atwani, and a response to Al-Meslisa, said that the Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss a number of important files, most notably, measures to address the large gap in the sale of the dollar between the official price and the parallel market, as well as foreign trade transfers through (the platform).
The meeting reviewed, according to the statement, the file of US Treasury sanctions on local banks and the extent of their impact on the country's monetary and financial policy and banking work, and the measures taken by the Central Bank in this regard.
The statement added that they discussed the adopted international standards, future plans to improve the reality of the banking system, the possibility of expanding relations with international banks, drawing the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law.
Al-Atwani stressed the importance of following up the economic file, monetary policy and the system of external and internal transfers, and finding appropriate solutions to the obstacles facing the work of the Central Bank, noting that the government is making a great effort to maintain the stability of the local market during the holy month of Ramadan, especially with regard to the selling prices of food and other necessary goods.
He continued, "We look forward to continuous coordination and cooperation with the Central Bank in order to increase the value of the Iraqi dinar, and control the local market in order to alleviate the citizen's shoulders.
For his part, the Governor of the Central Bank stressed the establishment of basic rules for monitoring the process of external and internal transfers, attributing the instability of the exchange rate to the existence of illegal trade by small traders and some speculators that are financed by withdrawing the dollar cash from the market.
He stressed that the external sanctions imposed on a large number of our local banks have obstructed the endeavors and plans to open relations and communication lines with accredited international correspondent banks, explaining that the process of printing the local currency is carried out according to the required financial cover and in a way that balances between foreign and local currency and prevents any financial inflation.
He explained, that we are currently coordinating with the concerned authorities on the implementation of the foreign trade regulation plan, and we also have continuous meetings with the American Treasury, and it was understood to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future until after discussing and informing the Central Bank of Iraq as it is concerned with monitoring its activity.
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It is starting to look like the banks outside the system are looking to get sorted. They’ll need those international lines of communication with correspondent banks for foreign trade. There is a lot of money to be made at stake by not being able to do foreign trade.. imo - MM | | | |
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