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Al-Alaq: Iraq's financial situation is going according to plan
Iraq 2024/08/08
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The Governor of the Central Bank of Iraq, Ali Al-Alaq, considered price stability and reducing inflation as an image of successful monetary policy, indicating that the bank is undergoing a major transformation process in reorganizing foreign trade, the financing of which is proceeding smoothly for large and medium-sized companies.
Al-Alaq told “WAA”: “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 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 stage of
"Implementation".
“The level of acceptance of this new system has been embraced by large and medium-sized importing companies, and thus all their imports are secured with high fluidity, and this is very necessary,” he stressed, explaining that “what we are focusing on in the current and upcoming phase 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 it to rise,” and 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.”
He pointed out that “all commercial foreign transfer operations are subject to review by the specialized international company, which acts as an intermediary between Iraqi banks and the correspondent bank, so that the correspondent bank can be assured that these operations are sound and audited.”
Al-Alaq stressed that “in light of the new organization of the external transfer process, our view at the level should be to look at the real price at which the Central Bank sells more than 250 million dollars daily at the official price, and this means that the bank covers foreign trade and this explains why there is no inflation or rise in prices, and the parallel market becomes a market for those who do not want to go towards the fundamental methods of transfer and it becomes an illegal trade,” explaining that “the Prime Minister confirmed that we do not provide the official dollar for illegal operations.”
He pointed out that “the main objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy.” 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 the savings file.
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