Atwan Al-Atwani, the head of the Parliamentary Finance Committee, and the governor of the Central Bank confirmed on Sunday that the fluctuation of the dollar exchange rate creates a state of economic and financial instability, particularly with the growing gap between the official selling price of the dollar and the parallel market price. He also emphasized the dual nature of the US sanctions against Iraqi banks.
Al-Atwani said in a proclamation , while leading the board meeting that facilitated the Legislative head of the National Bank of Iraq, Ali Mohsen Al-Alaq, to examine the money related strategy document in the nation, that “the expansion in the hole between the authority cost of selling the dollar and the equal market cost makes a condition of monetary and monetary shakiness.”
He emphasized that “the stability of the exchange rate is a central issue for the state” and that “there is a duality in the issue of imposing US sanctions between Iraqi banks and correspondent banks,” requiring the Central Bank of Iraq’s management to “move effectively and address this crisis, in addition to tightening control over the work of private banks, in a way that ensures the integrity of all their procedures and work.”
Al-Atwani said, “The housing initiative has achieved positive results, and therefore we are pushing towards supporting and continuing it in order to expand the list of those covered by housing loans and contribute to resolving this crisis.” He also said, “The stability of the monetary market has a direct impact on the general financial situation.” He added, “The labor market is unstable in terms of selling currency, which casts a shadow on the general monetary situation.”
In addition, a number of issues were discussed at the meeting, including the issue of banks and the mechanism for developing the process of money transfer, as well as the electronic platform and the procedures associated with it in order to facilitate work and economic stability.
In response, Ali Mohsen Al-Alaq, Governor of the Central Bank, provided a comprehensive overview of the housing initiative file, US sanctions against Iraqi banks, the mechanism of the electronic platform and its role in controlling internal and external trade, and the state of the cash reserve of hard currencies at the Central Bank of Iraq.
According to Al-Alaq’s explanation, “our foreign currency reserves are sufficient to create market balance,” and “the Central Bank sells more than 250 million dollars daily to meet the requirements of foreign trade,”
Al-Alaq expressed during the gathering that 85% of unfamiliar exchanges are as of now occurring between Iraqi banks and reporter banks, without going through the US Central bank.
He brought up that “the lodging drive is vital to the bank,” taking note of that “the volume of advances allowed inside the land drive adds up to 10 trillion dinars,” focusing on that “the National Bank is presently going to cover the funding of the development of 23,000 lodging units, and need will be given to finished lodging edifices.”
Members of the committee also made important speeches at the meeting about banks’ plans to give out real estate and housing loans and how to make it easier for people to apply for apartments in complexes and make the process easier for them.
