Al-Alaq: Stabilizing the exchange rate is a major process that requires changes to the commercial system and external transfer in Iraq

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Al-Alaq: Stabilizing the exchange rate is a major process that requires changes to the commercial system and external transfer in Iraq

On Saturday, Central Bank Governor Ali Al-Alaq stated that stabilizing the dinar against the dollar is a major process requiring changes to Iraq’s commercial system and financial transfers.

This statement was made during Erbil’s first annual banking conference, which was held under the theme “The banking sector, opportunities for advancement and the future of international companies.”

In his speech, Al-Alaq emphasized the importance of consolidating the rules stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2018, while adhering to international practices and standards. This is necessary to maintain the integrity of the financial system and protect it from local and international risks. Additionally, applying these rules in a transparent and honest manner will ensure the integrity of financial operations.

“We would like to reiterate that these rules are crucial for maintaining the integrity of the financial system. They not only safeguard Iraq from potential risks but also have a significant impact on external transfers and the sale of the dollar in all its forms.”

Al-Alaq stated that establishing standards for transfer operations is crucial for maintaining the stability of the exchange rate and ensuring monetary stability. He emphasized the need for making necessary changes and reorganizing the commercial system in Iraq to achieve this goal. He further added that the Central Bank is working diligently towards this objective and is opening up new channels to facilitate and accelerate external transfers on a daily basis.