CBI Governor highlights significance of exchange rate stability in Iraq

Shafaq News / The Central Bank (CBI) Governor, Ali Al-Alaq, considered the exchange rate stability of the Iraqi Dinar against the Dollar as a "significant process" that necessitates changes in the Iraqi trade system and financial transactions outside the country. He made these remarks during his speech at the inaugural Annual Banking Conference in Erbil, held under the theme of "The Banking Sector: Opportunities for Advancement and the Future of International Companies."

Al-Alaq stated in his address, "It is essential to solidify the principles outlined in the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2018 and implement international practices and standards to safeguard the financial system's integrity from risks, both on local and international fronts, ensuring transparency and the safety of financial operations."

Furthermore, he emphasized, "We reiterate that these principles are the ones that preserve the financial system's integrity and protect Iraq from serious risks, particularly concerning the relationship between applying these rules and standards and foreign exchange operations and the sale of the Dollar in various forms."

Al-Alaq continued, "There is a close connection between enforcing these standards and the smoothness of transfer operations and maintaining exchange rate stability. To the extent of this commitment, we can determine monetary stability and exchange rate stability. This is a significant process that requires a multitude of changes and the restructuring of the Iraqi trade system, the foreign transfer system, and everything associated with it."

He pointed out that CBI is "engaging in this process with daily details until we reach the correct and proper path, opening new avenues every day to facilitate and expedite this process."