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Al-Alaq: Our foreign exchange reserves are sufficient to create balance in the market
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Baghdad Today - Baghdad
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Sunday, August 4, 2024, that the bank's reserves of "hard currency are sufficient to create balance in the market."
Al-Alaq said in a health statement, followed by "Baghdad Today", that "the Central Bank sells more than 250 million dollars daily to meet the requirements of foreign trade."
He said, "85 percent of foreign transfers are currently taking place between Iraqi banks and correspondent banks without going through the US Federal Reserve."
He pointed out that "the housing initiative is of great importance to the Central Bank."
He pointed out that "the volume of loans granted within the real estate initiative amounts to 10 trillion dinars," noting that "the Central Bank is now heading to cover the financing of the construction of 32 thousand housing units."
For his part, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, said, "There is a duality in the issue of imposing US sanctions between Iraqi banks and correspondent banks."
He explained that "the housing initiative has achieved positive results and we are pushing towards supporting and continuing it in order to expand the list of those covered by housing loans."
Al-Atwani stressed that "the stability of the money market has a direct impact on the general financial situation."
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