Al-Alaq reveals meetings with the US Treasury to reconsider sanctions on Iraqi banks

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[size=52][ltr]Al-Alaq reveals meetings with the US Treasury to reconsider sanctions on Iraqi banks[/ltr][/size]

[ltr][size=45]Central Bank Governor Ali Al-Alaq revealed on Thursday meetings with the US Treasury to reconsider sanctions on Iraqi banks, while discussing with the Parliamentary Finance Committee several files, most notably, addressing the gap in the sale of the dollar between the official and parallel rate.
[size=45]"The Finance Committee, headed by Atwan Al-Atwani and attended by its members, 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 rate and the parallel market, as well as foreign trade transfers through the (platform)," a statement by the media office of MP Atwan Al-Atwani said.[/size]
[size=45]The meeting reviewed - according to the statement - "the file of US Treasury sanctions on local banks and the extent of their impact on monetary and financial policy and banking work in the country, and the measures taken by the Central Bank in this regard."[/size]
[size=45]The statement added that "they discussed the adopted international standards and 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."[/size]
[size=45]According to the statement, Al-Atwani stressed "the importance of following up on the economic file, monetary policy, the system of external and internal remittances, 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 blessed month of Ramadan, especially with regard to the selling prices of foodstuffs and other necessary goods."[/size]
[size=45]"We look forward to continuous co-ordination and co-operation with the Central Bank in order to increase the value of the Iraqi dinar and control the local market in order to ease the burden on citizens," he said.
For his part, the governor of the central bank stressed "the establishment of basic rules in order to monitor the process of external and internal remittances, attributing the instability of the exchange rate to the existence of illegal trade carried out by small traders and some speculators that are financed by withdrawing cash dollars from the market."[/size]
[size=45]Al-Alaq stressed that "the external sanctions imposed on a large number of our local banks have hindered efforts and plans to open relations and lines of communication with accredited international correspondent banks," explaining that "the process of printing 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 inflation."[/size]
[size=45]"We are currently coordinating with the concerned authorities on the implementation of the plan to regulate foreign trade, and we have continuous meetings with the US Treasury, and it was agreed 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 their activity," he said.[/size]
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