Halim Salman, a researcher and writer, confirmed on Wednesday that the management of the Central Bank has been unable to find effective solutions to halt the continuous devaluation of the country’s currency. Despite implementing a series of measures, the fluctuation of the exchange rate persists, and dollar traders continue to act without restraint. In light of this, Salman is calling on the Central Bank’s management to offer their resignations to Prime Minister Mohamed al-Kadhimi, in order to prevent the US from imposing further sanctions.
Salman informed “Jarida” that after closely monitoring the performance of the current administration of the Central Bank of Iraq, which had made promises over eight months ago to control the price of the dollar, implement genuine reforms to the banking system, activate electronic payment points across all Iraqi cities, and prevent currency smuggling and money laundering, there has been no significant progress.
According to him, the Central Bank’s management, led by Governor Ali Al-Alaq, his deputy, and several directors, have failed to present effective solutions that could prevent the decline of the exchange rate. Instead, they have put forward several measures that only aggravated the problem and failed to quell the unrest among dollar traders.
“What led the Prime Minister to personally intervene was the need to provide support, monitor the performance of the departments, and prevent the exacerbation of issues with dollar transfers for trade, as well as the smuggling of dollars across the borders,” he explained.
Salman has urged the management of the Central Bank, including its governor and general directors, to resign and offer their services to the Prime Minister. He believes that this is the first step towards reforming the Central Bank and the banking institution. This reform is necessary to ensure that the bank and the institution comply with international standards and avoid further sanctions from the US.
