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Central Bank: Relentless efforts to support prices and reduce the dollar selling gap
The first 03/24/2024
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seeks to provide support to achieve stability in the general level of prices and reduce the gap between the official dollar exchange rate and the parallel market, while indicating that weak financing has led to the difficulty of citizens obtaining loans through the housing initiative.
The bank’s deputy governor, Dr. Ammar Hamad Khalaf, told “Al-Sabah”: The bank continues to provide dollars to banks and individuals at an amount of $3,000 per traveler during one month, indicating that there are other channels for citizens who need foreign currency, by providing electronic payment cards, which are available. Any citizen can obtain them if the appropriate conditions are met, and therefore these cards can be used for travel or any service from abroad at the official exchange rate.
He explained that Iraq has large reserves exceeding 100 billion dollars and the ability to provide foreign currency to any beneficiary within the country, whether a citizen or a company, and all of these are sources of power possessed by the Central Bank, adding that the gap occurring in the market at the present time is due to the exchange rate of speculators and the request to finance illegal transactions.
Khalaf explained that the dollar is available at the official exchange rate for official transactions, to a very large extent, and with tools through external financing or electronic payment tools provided by the Central Bank, stressing that reducing the Central Bank’s initiative for housing loans has led to the difficulty of citizens obtaining them. He pointed out that the Central Bank had previously reduced the amounts for its housing initiative in accordance with its policy because it controls the monetary supply, as it is an initiative for a specific period and not continuous, adding that it is the duty of banks to mobilize individuals’ savings and provide financing for them to purchase housing units or other needs of citizens.
Khalaf noted the need to focus on banks that play their role as financial intermediaries between savers and borrowers, noting that there is difficulty in obtaining initiative funds from citizens due to the large demand on their part to purchase housing units as a result of the shortage in them, offset by limited allocations in this area.
Edited by: Adhraa Juma
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