On Saturday, Central Bank Governor Ali Al-Alaq described the process of stabilizing the dinar’s exchange rate versus the dollar as a “major process” requiring adjustments to the Iraqi commercial sector and financial transfers outside the nation.
This was said during his address at the first annual banking conference organized by the city of Erbil under the theme “The banking sector, opportunities for advancement, and the future of international companies,” which was held in its inaugural edition.
“The rules stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2018 must be consolidated, and international practices and standards must be applied in a way that preserves the integrity of the financial system from local and international risks and procedures,” Al-Alaq said in his speech.
He went on to say, “We emphasize once again that these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks, and what is related to this matter is the relationship between the application of these rules and standards and the process of external transfer and the sale of the dollar in various forms.”
“There is a close relationship between establishing these standards and the smooth flow of transfer operations, as well as maintaining the stability of the exchange rate,” Al-Alaq noted. We can decide monetary stability and exchange rate stability to the degree of this commitment, which is a huge process that demands numerous reforms and rebuilding Iraq’s commercial sector.” And the external transfer system, and all that goes with it,” saying that the Central Bank “is working through this process in daily details until it takes us to the appropriate and correct road, and every day it creates a new channel to facilitate and speed this process.”