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[size=36]The Central Bank of Iraq settles the controversy over reconsidering the dollar exchange rates[/size]
Economy | 08:13 - 07/08/2024
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Mawazine News - Baghdad
The Governor of the Central Bank, Ali Al-Alaq, revealed today, Wednesday, an upcoming meeting in New York to discuss the file of the sanctioned banks, while indicating that there is no intention to reconsider the dollar exchange rates.
Al-Alaq said, according to the official agency, that "there are external and local challenges, but in general the financial situation in Iraq is still proceeding within what is planned in the state's general budget," indicating that "there is high coordination between the Central Bank, the Prime Minister and the Ministry of Finance in standing on the financial side for its continuity, stability and sustainability." He added, "We are currently working closely and almost daily with the Ministry of Finance in order to implement the financial plan drawn up in the general budget, in a way that ensures coverage of its goals, programs and existing needs," noting that "for the first time, by virtue of the new budget and financial management law, the allocations of governorates and ministries are being rotated, so there is broad coverage for the needs of the financial side and for the first time the size of the balances available to ministries and governorates is large enough to enable them to perform their role."
He stated that "the Central Bank is undergoing a major transformation process in reorganizing foreign trade in a way that secures several goals at once, and among these goals is the transparency of operations in foreign transfers that start from the transfer process and the transferee to the final beneficiary and to the source through all data, documents and information that enhance and match reality," explaining that "this process is taking place for the first time in the history of Iraq and international auditing institutions participate in it and audit the information before it reaches the implementation stage, where if the process meets all the local conditions and standards represented by the Anti-Money Laundering and Terrorist Financing Law or international standards, then these transfer operations proceed, but if there is any deficiency, defect or suspicion in it, it is rejected immediately and returned." He stated that "the previous audit process was taking place but with a subsequent process and the audit operations may remain for years, but now the process does not proceed unless it is sound in all its aspects, parties, documentation, reinforcements and the facts on which it is based," explaining that "any transformation process requires time and understanding between all parties and also acceptance." He stressed that "the level of acceptance for this new system has been engaged in by large and medium-sized importing companies, thus ensuring all their imports smoothly "High, and this is very necessary," noting that "the problem of small traders, some of whom have entered this process and others are still hesitant to enter or are looking for other means to cover their foreign trade, either to escape tax or customs accountability or the procedures required for the process of opening accounts." He explained that "what we are focusing on in the current and next stage is to make everyone involved in the proper fundamental channels," noting that "the presence of these small traders outside the system puts pressure on the dollar money market and causes its rise." He pointed out that "there are solutions that we are working on with international and financial institutions in order to organize the trade process of small traders," explaining that "a meeting was held yesterday in this regard to complete previous meetings, and we need some time to organize this remaining process of foreign trade." Regarding other currencies, Al-Alaq confirmed that "the Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a large weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations, because we discovered in the previous formula that there was some fraud in the use of these channels, whether for “For unrealistic sources or the return of amounts from one country to another,” he explained, “a new audit mechanism has been put in place by an international company and we have finished organizing this process and it is now in the process of being launched again.” He pointed out that “all commercial foreign transfer operations are subject to review by the specialized international company and it is an intermediary between Iraqi banks and the correspondent bank, so that the correspondent bank can be assured that these operations are sound and audited,” noting that “some banks have correspondent banks and others do not have internationally accredited correspondent banks, and now they are seeking to do so but they have been very late and the Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without external correspondents is considered a local bank and cannot open up to the world.”He stressed that "our banks, after getting to know the banks and realizing the importance of these relations, began to move towards those banks, and the Central Bank, for its part, supports and helps this trend." Al-Alaq stressed that "in light of the new organization of the external transfer process, our view at the level should look at the real price at which the Central Bank sells more than 250 million dollars daily at the official price, which means that the bank covers foreign trade and this explains why there is no inflation or rise in prices and other legitimate requests for individuals with all their needs, and the parallel market becomes a market for those who do not want to go towards the fundamental methods of transfer and become illegal trade or trade escaping from fundamental procedures or other illegal operations such as drug trafficking or human trafficking or corruption money and others," explaining that "the Prime Minister confirmed that we do not provide the official dollar for illegal operations." Al-Alaq wondered, "Why would any party go to buy the dollar at a higher price while the official price is available to them? Unless they have an illegal purpose or an unorthodox matter," noting that "the view that the dollar price has risen or fallen is not a correct indicator, as we must look at What and how much does the Central Bank sell at the official price to liquidate various needs? He pointed out that "the main goal of the Central Bank is to maintain the general level of prices and reduce inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, which means that foreign trade, which Iraq depends on mainly to meet the needs of citizens, is covered at the official price." Al-Alaq continued that "there is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Bank and the US Treasury, for the transformations, management and organization of the foreign transfer process in the Central Bank of Iraq at the present time," explaining that "the Assistant Undersecretary of the US Treasury mentioned in his meeting with the Prime Minister the need to celebrate the achievements made in the foreign transfer process and the stages through which the Central Bank of Iraq moved, including the electronic platform, which went through stages and difficulties and then settled to a situation where the rejection rate for operations at times reached 80 percent and now does not exceed 5%." He stressed that "the platform formula burdens the Central Bank and external parties, including the Federal Bank, which “We as central banks should not be preoccupied with the details of transfer operations, so what we have done is the gradual shift from the electronic platform to creating a direct relationship between the Iraqi bank and the correspondent without going through the Central Bank or the Federal Reserve,” he said, noting that “we have reached an achievement rate of about 85% in the process of external transfers without going through the US Federal Reserve, and this is what international organizations say is something to be celebrated.” He explained that “our plan by the end of the year is to reach 100% in external transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve, and then the role of the Central Bank will be normal, such as supervision, control, follow-up, and looking at the progress of operations without going into the detailed daily executive procedures.”Al-Alaq explained that "there will be meetings with the Federal Bank and the US Treasury Department to review all aspects related to foreign transfer operations and banking supervision. They will be held at the end of August in New York to discuss a number of files, including sanctions on some banks." He pointed out that "what appeared in terms of talk, interpretations and additions to what happened in the previous meeting in Washington was not, in fact, the quarterly meeting and we did not meet with the Federal Bank, but rather we attended other meetings and there was a visit on this occasion to the US Assistant Secretary of the Treasury and a normal meeting that discussed general matters and during which he confirmed the success of the Central Bank in leading the steps it is taking, whether with regard to foreign transfers or the cash sale of the dollar, which has also been developed to ensure that the traveler obtains the dollar, indicating that previous operations in granting dollars to travelers were hindered by many problems and speculators tried to enter these operations by various means, which negatively affected the dollar as well as the use of other people's passports." He pointed out that "the new mechanism ensures the elimination of these methods, as the dollar is not granted to the traveler until after the departure stamp," explaining that "the process began a few days ago but in general is proceeding smoothly with Some notes and there are teams present at the airports to monitor the process and obstacles, and this will ensure 100% in achieving our goals, which is to reach the real traveler, as we started in Baghdad, then Basra, then Najaf, and now the procedures are based on opening the ports at the airports of Erbil, Sulaymaniyah and Kirkuk. Al-Alaq explained that "lifting restrictions on some banks is receiving the attention of the Central Bank, which has come close to solving the problems and developing appropriate solutions to ensure stability and growth for the banking sector," indicating that "several meetings were held on the file of lifting restrictions on some banks, and through them we reached a plan that will ensure stable results for the future." He continued that "the plan related to reforming the banks that are subject to restrictions and lifting them includes two axes, the first is related to conducting an audit of previous operations that have been suspected by an independent external audit office, some of which have been completed, while we are waiting for the completion of the audit of the others so that we can stand on the overall picture and classify the nature of these problems and how the procedures are carried out regarding them later." He noted that "the second axis of the plan is receiving international acclaim through the Central Bank contracting with an international consulting company To work on developing a strategy for the banking sector in the future and determining the size of the existing problem and putting it in an independent framework and preventing its recurrence and reformulating the banking sector,” noting that this plan is based on an inventory of the size of the banking sector in Iraq and the number of banks required to be in Iraq and the size and activity of these banks and what are the rules, policies and procedures that they adopt in order to be stable and accepted locally and internationally. He explained that “this plan was initiated by the Central Bank through the consulting company and will take time to determine the scope of work and the goals that we want to achieve,” indicating that alongside this plan, another plan is being implemented to reform the government banking sector.”Al-Alaq pointed out that the Prime Minister holds monthly meetings with the international consulting company concerned with reforming the government banking sector, noting that “the continuous follow-up by the Prime Minister gave momentum to the progress of reform processes, whether at the governmental or private levels, and that determining the fate of these banks will be based on clear foundations and not patchwork treatments or uncalculated reactions.” Al-Alaq pledged to reach a real, stable banking sector that is consistent with what is required at the national economic level, and that some banks will not remain marginal and do not represent a real addition to the Iraqi economy, and that they will gain external acceptance through an agreement to implement international policies, procedures and standards. Al-Alaq explained that “the Central Bank did not specify a share for foreign transfers for banks, and they can submit what they can attract from foreign transfer transactions, and the Central Bank does not interfere in customers’ choices, and that banks that carry out this process rely on their capabilities to attract their customers.” He pointed out that the Central Bank seeks to strengthen and support the role of the Trade Bank of Iraq to assume a greater role in the foreign trade process, denying that there is any talk of reconsidering the issue of the exchange rate. The Governor of the Central Bank revealed that there is a government trend that has been established in The budget is to increase the capital supporting this file through the Real Estate Bank and the Housing Fund. Al-Alaq said, "Although the task of financing the housing sector is the responsibility of the banks or the task of the Real Estate Bank and the Housing Fund, the Central Bank's initiatives played an exceptional role in an attempt to fill the deficit in the housing issue." He added, "The natural and required role called for by the Central Bank was to increase the capital of the Real Estate Bank and the Housing Fund so that it can perform the task assigned to it, especially since the capital is insufficient to meet the requirements and large and wide needs in financing this aspect." He continued, "The government was expected to increase the capital of the Real Estate Bank and the Housing Fund to support the population sector, and it seems that this has been achieved and included in the budget, but it has not been implemented yet." He explained that "when we visited the Real Estate Bank, we went into the details of the situation in order to determine the real need for the required financing, and we found that the requests available to the Real Estate Bank are divided into two sections, one of which is related to purchasing housing units outside the complexes in all governorates, and these are mostly old requests, and we asked the Real Estate Bank to provide statistics on all these requests, and we will try to cover them all in order to close this file." He added, “The second aspect is related to residential complexes, as we were financing the Real Estate Bank with amounts to distribute to complexes in the governorates regardless of priorities because we do not want the Central Bank’s financing to be an alternative to the investor’s own commitments in financing the project.” He continued, “Therefore, as part of the Central Bank’s move, the Real Estate Bank was directed, in order to encourage the investor to complete the project and deliver the units, to direct it that the completion rate be the basis for financing, as we start with complexes that have ready or semi-ready units at rates ranging between 80-90% to achieve two goals: the goal of pushing investors to complete these complexes, providing job opportunities, supporting market activity, and meeting citizens’ needs as quickly as possible.”Al-Alaq pledged to reach a real stable banking sector that is consistent with what is required at the national economic level and that some banks will not remain marginal and do not represent a real addition to the Iraqi economy and that they will gain external acceptance through an agreement to implement international policies, procedures and standards. Al-Alaq explained that “the Central Bank did not specify a share for foreign transfers for banks and they can submit what they can attract from foreign transfer transactions, and the Central Bank does not interfere in the choices of customers and that the banks that carry out this process rely on their capabilities to attract their customers.” He pointed out that the Central Bank seeks to strengthen and support the role of the Trade Bank of Iraq to assume a greater role in the foreign trade process, denying any talk of reconsidering the issue of the exchange rate. The Governor of the Central Bank revealed that there is a government trend that has been established in the budget to increase the capital supporting this file through the Real Estate Bank and the Housing Fund. Al-Alaq said, “Although the task of financing the housing sector is the responsibility of the banks or the task of the Real Estate Bank and the Housing Fund, the Central Bank’s initiatives played an exceptional role in an attempt to fill the deficit in the housing issue.” He added that “the natural and required role called for by the Central Bank was "Increasing the capital of the Real Estate Bank and the Housing Fund to enable it to perform the task assigned to it, especially since the capital is insufficient to meet the requirements and large and wide needs in financing this aspect." He continued, "The government was expected to increase the capital of the Real Estate Bank and the Housing Fund to support the population sector, and it seems that this has been achieved and included in the budget, but it has not been implemented yet." He explained that "when we visited the Real Estate Bank, we went into the details of the situation in order to determine the real need for the required financing, and we found that the requests available to the Real Estate Bank are divided into two sections, one of which relates to purchasing housing units outside the complexes in all governorates, and these are mostly old requests, and we asked the Real Estate Bank to provide statistics on all these requests, and we will try to cover them all in order to close this file." He added, "The second aspect relates to the residential complexes, as we were financing the Real Estate Bank with amounts to distribute to the complexes in the governorates regardless of and consideration for priorities, because we do not want the Central Bank's financing to be an alternative to the investor's own obligations in financing the project." He continued, "Therefore, as part of the Central Bank's move, the Real Estate Bank was directed, and in order to encourage the investor Upon completion of the project and delivery of the units, he directed that the completion rate be the basis for financing, as we start with the complexes that have ready or semi-ready units with rates ranging between 80-90% to achieve two goals: the goal of pushing investors to complete these complexes, providing job opportunities, supporting market movement, and meeting citizens’ needs as quickly as possible.”Al-Alaq pledged to reach a real stable banking sector that is consistent with what is required at the national economic level and that some banks will not remain marginal and do not represent a real addition to the Iraqi economy and that they will gain external acceptance through an agreement to implement international policies, procedures and standards. Al-Alaq explained that “the Central Bank did not specify a share for foreign transfers for banks and they can submit what they can attract from foreign transfer transactions, and the Central Bank does not interfere in the choices of customers and that the banks that carry out this process rely on their capabilities to attract their customers.” He pointed out that the Central Bank seeks to strengthen and support the role of the Trade Bank of Iraq to assume a greater role in the foreign trade process, denying any talk of reconsidering the issue of the exchange rate. The Governor of the Central Bank revealed that there is a government trend that has been established in the budget to increase the capital supporting this file through the Real Estate Bank and the Housing Fund. Al-Alaq said, “Although the task of financing the housing sector is the responsibility of the banks or the task of the Real Estate Bank and the Housing Fund, the Central Bank’s initiatives played an exceptional role in an attempt to fill the deficit in the housing issue.” He added that “the natural and required role called for by the Central Bank was "Increasing the capital of the Real Estate Bank and the Housing Fund to enable it to perform the task assigned to it, especially since the capital is insufficient to meet the requirements and large and wide needs in financing this aspect." He continued, "The government was expected to increase the capital of the Real Estate Bank and the Housing Fund to support the population sector, and it seems that this has been achieved and included in the budget, but it has not been implemented yet." He explained that "when we visited the Real Estate Bank, we went into the details of the situation in order to determine the real need for the required financing, and we found that the requests available to the Real Estate Bank are divided into two sections, one of which relates to purchasing housing units outside the complexes in all governorates, and these are mostly old requests, and we asked the Real Estate Bank to provide statistics on all these requests, and we will try to cover them all in order to close this file." He added, "The second aspect relates to the residential complexes, as we were financing the Real Estate Bank with amounts to distribute to the complexes in the governorates regardless of and consideration for priorities, because we do not want the Central Bank's financing to be an alternative to the investor's own obligations in financing the project." He continued, "Therefore, as part of the Central Bank's move, the Real Estate Bank was directed, and in order to encourage the investor Upon completion of the project and delivery of the units, he directed that the completion rate be the basis for financing, as we start with the complexes that have ready or semi-ready units with rates ranging between 80-90% to achieve two goals: the goal of pushing investors to complete these complexes, providing job opportunities, supporting market movement, and meeting citizens’ needs as quickly as possible.”The governor of the Central Bank revealed that there is a government trend that has been fixed in the budget to increase the capital supporting this file through the Real Estate Bank and the Housing Fund. Al-Alaq said, "Although the task of financing the housing sector is the responsibility of the banks or the task of the Real Estate Bank and the Housing Fund, the Central Bank's initiatives played an exceptional role in an attempt to fill the deficit in the housing issue." He added, "The natural and required role that the Central Bank called for was to increase the capital of the Real Estate Bank and the Housing Fund so that it can perform the task assigned to it, especially since the capital is insufficient for the requirements and large and wide needs in financing this aspect." He continued, "The government was expected to increase the capital of the Real Estate Bank and the Housing Fund to support the population sector, and it seems that the matter has been achieved and included in the budget, but it has not been implemented yet." He explained that "when we visited the Real Estate Bank, we went into the details of the situation in order to stand on the real need for the required financing, and we found that the requests available to the Real Estate Bank are divided into two sections, one of which is related to purchasing housing units outside the complexes in all governorates, and these are requests, most of which are old, and we asked the Real Estate Bank to provide statistics on all these requests, and we will "We are trying to cover them all in order to close this file," he added. "The second aspect is related to residential complexes, as we were financing the Real Estate Bank with amounts to distribute to complexes in the governorates regardless of priorities because we do not want the Central Bank's financing to be an alternative to the investor's own obligations in financing the project." He continued, "Therefore, and within the Central Bank's move, the Real Estate Bank was directed, in order to encourage the investor to complete the project and deliver the units, to direct it that the completion rate be the basis for financing, as we start with complexes that have ready or semi-ready units at rates ranging between 80-90% to achieve two goals: the goal of pushing investors to complete these complexes, providing job opportunities, supporting market activity, and meeting citizens' needs as quickly as possible."The governor of the Central Bank revealed that there is a government trend that has been fixed in the budget to increase the capital supporting this file through the Real Estate Bank and the Housing Fund. Al-Alaq said, "Although the task of financing the housing sector is the responsibility of the banks or the task of the Real Estate Bank and the Housing Fund, the Central Bank's initiatives played an exceptional role in an attempt to fill the deficit in the housing issue." He added, "The natural and required role that the Central Bank called for was to increase the capital of the Real Estate Bank and the Housing Fund so that it can perform the task assigned to it, especially since the capital is insufficient for the requirements and large and wide needs in financing this aspect." He continued, "The government was expected to increase the capital of the Real Estate Bank and the Housing Fund to support the population sector, and it seems that the matter has been achieved and included in the budget, but it has not been implemented yet." He explained that "when we visited the Real Estate Bank, we went into the details of the situation in order to stand on the real need for the required financing, and we found that the requests available to the Real Estate Bank are divided into two sections, one of which is related to purchasing housing units outside the complexes in all governorates, and these are requests, most of which are old, and we asked the Real Estate Bank to provide statistics on all these requests, and we will "We are trying to cover them all in order to close this file," he added. "The second aspect is related to residential complexes, as we were financing the Real Estate Bank with amounts to distribute to complexes in the governorates regardless of priorities because we do not want the Central Bank's financing to be an alternative to the investor's own obligations in financing the project." He continued, "Therefore, and within the Central Bank's move, the Real Estate Bank was directed, in order to encourage the investor to complete the project and deliver the units, to direct it that the completion rate be the basis for financing, as we start with complexes that have ready or semi-ready units at rates ranging between 80-90% to achieve two goals: the goal of pushing investors to complete these complexes, providing job opportunities, supporting market activity, and meeting citizens' needs as quickly as possible."He added, "The second aspect is related to residential complexes, as we were financing the Real Estate Bank with amounts to distribute to complexes in the governorates regardless of priorities because we do not want the Central Bank's financing to be an alternative to the investor's own obligations in financing the project." He continued, "Therefore, and within the Central Bank's move, the Real Estate Bank was directed, in order to encourage the investor to complete the project and deliver the units, to direct it that the completion rate be the basis for financing, as we start with complexes that have ready or semi-ready units at rates ranging between 80-90% to achieve two goals: the goal of pushing investors to complete these complexes, providing job opportunities, supporting market activity, and meeting citizens' needs as quickly as possible."He added, "The second aspect is related to residential complexes, as we were financing the Real Estate Bank with amounts to distribute to complexes in the governorates regardless of priorities because we do not want the Central Bank's financing to be an alternative to the investor's own obligations in financing the project." He continued, "Therefore, and within the Central Bank's move, the Real Estate Bank was directed, in order to encourage the investor to complete the project and deliver the units, to direct it that the completion rate be the basis for financing, as we start with complexes that have ready or semi-ready units at rates ranging between 80-90% to achieve two goals: the goal of pushing investors to complete these complexes, providing job opportunities, supporting market activity, and meeting citizens' needs as quickly as possible."
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