Al-Sudani discusses market stabilization measures with CBI governor
Shafaq News / Iraq's Prime Minister, Mohammed Shia Al-Sudani, met today with the Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq, along with key advisors and the Director General of the Investment Department at the Central Bank of Iraq
During the meeting, they discussed the Central Bank's measures to ensure currency stability in the Iraqi market, as well as plans to reform, develop, and empower the banking sector. These measures are aimed at empowering the banking sector to play a pivotal role in achieving sustainable development and effectively tackling various challenges.
The Prime Minister was briefed on the significant support offered by the Central Bank, which notably include enabling small merchants and individual importers to pay for their imports without the requirement of establishing a company. This initiative is facilitated through government and private banks that maintain direct relations with correspondent banks.
Al-Sudani instructed the Central Bank of Iraq to make more efforts for streamlining procedures for citizens. It was emphasized that the Council of Ministers' decision regarding the payment of installments for investment projects would be fully implemented. This implementation will allow citizens to make payments in Iraqi dinars for the values of housing units they had previously purchased in foreign currency.
He instructed his team to apply Article 48 of the Federal Budget Law. This measure aims to streamline and simplify tax procedures while also ensuring they are not tied to international transfers.
The Central Bank of Iraq will be implementing measures to compensate citizens and companies who bought US dollars at the parallel market rate. The Central Bank will deduct the difference from banks and exchange companies that sold US dollars above the official rate, if the purchase can be verified.
The Governor of the Central Bank of a Iraq announced the CBI's plan to resume selling US dollars through licensed banks in Nineveh Governorate.
