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Central Bank: Flooding of the dinar is difficult to apply in Iraq

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Rocky


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Central Bank: Flooding of the dinar is difficult to apply in Iraq



12/24/17



Economy News Baghdad:
The governor of the Central Bank, Ali al-Alaq, that floating the dinar is difficult to apply in Iraq because the government monopolizes the dollar, indicating that the reserves of Iraq is 48 billion US dollars.
Al-Alak said in an interview with Al-Arabi African newspaper and read by "Economy News" that "the oil countries usually rely on a fixed exchange rate, or fixed with flexibility, and do not resort to float method, unless their reserves are controlled to a level below the adequacy, which is not Whether in Iraq or other oil states, "noting that" flotation is difficult to apply in Iraq, considering that the government, de facto, monopoly the offer of the dollar and foreign currencies. "
He added that "Iraq's reserve of the dollar is 48 billion US dollars."
He pointed out that "there is an understanding and coordination between the Central Bank and the government through the Ministry of Finance, and in this regard has formed a Higher Coordination Committee between the Ministry and the Central Bank; therefore, work together through the program of credit readiness with the IMF, as this program includes reforms and procedures related to Mainly economic, financial and monetary structures. "
"At this stage, the Central Bank of Iraq is focused on achieving the concept of" financial inclusion "and its applications, as the circumstances of previous years did not help because of the security and financial instability, the bank has developed a short-term and long-term plan to expand the application of this concept, That "the short-term plan aims to agree with the government to deposit salaries of all state employees in banks, which will add more than 3 million people to deal with banks, and long-term resettlement."



http://economy-news.net/content.php?id=10284

Rocky


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Governor of the Central Iraqi Dinar Flooding difficult to apply

December 24, 2017




Alalak comments on the sidelines of the third conference of the Iraqi Center


24 December 2017 04:12 PM

Direct : The governor of the Central Bank of Iraq that the flotation of the Iraqi dinar difficult to apply as a monopoly of the government to offer the dollar and foreign currency in the country.
Ali al-Alak said in an interview with the newspaper “Arab African” Iraqi, that the oil states rely on a fixed exchange rate, or fixed with flexibility, and does not resort to the method of floating the currency, which is not happening, whether in Iraq or other oil countries.
Al-Alak pointed out that the decision of the Egyptian Central Bank to float the pound, in November 2016, is a correct step , but it came too late.
The Central Bank of Iraq took a series of measures to achieve financial and economic stability in the country, including the removal of the financial sector from risks and prevention; issuing the law on combating money laundering and financing terrorism in 2015.
It has also completed the strengthening of prudential supervision and the strengthening of payment systems and electronic payment systems for clearing and settlement operations in order to regulate, control and control banking operations.
The Governor of the Iraqi Bank, Baghdad’s efforts to achieve the concept of “financial inclusion” and its applications, after the instability of security and financial in previous years without implementation.
He said that the short-term plan aims to deposit salaries of all state employees in banks, which strengthens the base of customers with more than 3 million people.
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