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Al-Alaq: Iraq's financial situation is going according to plan
Iraq 08/08/2024
Baghdad: Al-Sabah
The Governor of the Central Bank of Iraq, Ali Al-Alaq, considered stabilizing prices and reducing inflation as a picture of successful monetary policy, indicating that
the bank is undergoing a major transformation process in reorganizing foreign trade, whose financing is proceeding with a high flow to large and medium-sized companies. Al-Alaq told “INA”:
“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,
“The Central Bank is undergoing a major transformation process in reorganizing foreign trade in a way that secures several goals at the same time, and
one of these goals is the transparency of external transfer operations that begin from the transfer process and the transferor to the final beneficiary and to the exporter through all the data, documents, and information that reinforces and matches reality,” he explained, explaining that
“this process is taking place for the first time in the history of Iraq, and international auditing institutions participate in it and scrutinize the information before it reaches the stage of Implementation. He stressed that
“the level of acceptance of this new system has included large and medium importing companies, thus ensuring all their imports with high smoothness, and this matter is very necessary,” and he stated that
“what we are focusing on in the current and next stage is to make everyone involved in the sound fundamentalist channels,” pointing out. He pointed out that
“the presence of these small merchants outside the system puts pressure on the dollar money market and causes its rise,” and pointed out that
“there are solutions that we are working on with international and financial institutions in order to regulate the trade process of small merchants.” He pointed out that
“all commercial external transfer operations are subject to review by the competent international company, which is an intermediary between the Iraqi banks and the correspondent bank, in order to reassure the correspondent bank that these operations are sound and audited.” Al-Alaq stressed that
“in light of the new organization of the external transformation process, our view at the level should look at the real price at which the Central Bank sells more than $250 million daily at the official price, and
this means that the bank covers foreign trade and this explains why there is no inflation or An increase in prices, and
the parallel market becomes a market for those who do not want to move towards fundamentalist methods of transfer and illegal trade,” he explained, explaining that
“the Prime Minister confirmed that we do not provide the official dollar for illegal transactions.” He pointed out that
“the primary 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.”
The Governor of the Central Bank revealed the existence of a government trend that was confirmed in the budget to increase the capital supporting the savings file. Living.
https://alsabaah.iq/100747-.html
Iraq 08/08/2024
Baghdad: Al-Sabah
The Governor of the Central Bank of Iraq, Ali Al-Alaq, considered stabilizing prices and reducing inflation as a picture of successful monetary policy, indicating that
the bank is undergoing a major transformation process in reorganizing foreign trade, whose financing is proceeding with a high flow to large and medium-sized companies. Al-Alaq told “INA”:
“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,
“The Central Bank is undergoing a major transformation process in reorganizing foreign trade in a way that secures several goals at the same time, and
one of these goals is the transparency of external transfer operations that begin from the transfer process and the transferor to the final beneficiary and to the exporter through all the data, documents, and information that reinforces and matches reality,” he explained, explaining that
“this process is taking place for the first time in the history of Iraq, and international auditing institutions participate in it and scrutinize the information before it reaches the stage of Implementation. He stressed that
“the level of acceptance of this new system has included large and medium importing companies, thus ensuring all their imports with high smoothness, and this matter is very necessary,” and he stated that
“what we are focusing on in the current and next stage is to make everyone involved in the sound fundamentalist channels,” pointing out. He pointed out that
“the presence of these small merchants outside the system puts pressure on the dollar money market and causes its rise,” and pointed out that
“there are solutions that we are working on with international and financial institutions in order to regulate the trade process of small merchants.” He pointed out that
“all commercial external transfer operations are subject to review by the competent international company, which is an intermediary between the Iraqi banks and the correspondent bank, in order to reassure the correspondent bank that these operations are sound and audited.” Al-Alaq stressed that
“in light of the new organization of the external transformation process, our view at the level should look at the real price at which the Central Bank sells more than $250 million daily at the official price, and
this means that the bank covers foreign trade and this explains why there is no inflation or An increase in prices, and
the parallel market becomes a market for those who do not want to move towards fundamentalist methods of transfer and illegal trade,” he explained, explaining that
“the Prime Minister confirmed that we do not provide the official dollar for illegal transactions.” He pointed out that
“the primary 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.”
The Governor of the Central Bank revealed the existence of a government trend that was confirmed in the budget to increase the capital supporting the savings file. Living.
https://alsabaah.iq/100747-.html
