The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates “illegal trade”

[RJG]

The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates “illegal trade”

PoliticsBreakingCentral Bank Of IraqAli Al-Alaq

2024-03-14 11:39

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Shafaq News / On Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced an understanding with the US Treasury Department to reconsider the sanctions imposed on Iraqi banks, indicating at the same time “illegal trade” that causes the stability of the dollar exchange rate.

Al-Alaq said during his stay in the Parliamentary Finance Committee, according to a statement received by Shafaq News Agency, that “basic rules have been established in order to monitor the process of external and internal transfers, attributing the instability of the exchange rate to the presence of illegal trade carried out by small merchants and some speculators, which is financed by withdrawing the dollar.” Cash from the market.

He added, "The foreign sanctions that were imposed on a large number of our local banks hindered efforts and plans to open relationships and lines of communication with accredited international correspondent banks," noting that "continuous meetings were held with the US Treasury, and an understanding was reached to reconsider the sanctions imposed on Iraqi banks, and that Such decisions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it is responsible for monitoring its activity.”

He explained, “We are currently coordinating with the relevant authorities regarding the implementation of the plan to regulate foreign trade,” noting that “the process of printing the local currency is carried out according to the required financial cover and in a way that balances the foreign and local currency and prevents any financial inflation

https://www.shafaq.com/ar/سیاسة/البنك-المركزي-يعلن-تفاهما-مع-الخزانة-الامريكية-ل-عادة-النظر-بالعقوبات-وي-شر-تجارة-غير-شرعية

[RJG]

Al-Alaq announces an understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks

• Time: 03/14/2024 19:31:46
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• Read: 2,431 times

  

{Economic: Al-Furat News} The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted, today, Thursday, the Governor of the Central Bank, Ali Al-Alaq; To discuss a number of important files, most notably the procedures for addressing the large gap in selling the dollar between the official price and the parallel market, as well as foreign trade transfers via (the platform).

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The meeting also reviewed, according to the committee’s statement, a copy of which {Al-Furat News} received, the file of US Treasury sanctions on local banks and the extent of their impact on monetary and financial policy and banking work in the country, and the measures taken by the Central Bank in this regard, in addition to discussing approved international standards and plans. The future aims to improve the reality of the banking system, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.
Al-Atwani stressed “the importance of following up on the economic file, monetary policy, and the system of external and internal transfers, and finding appropriate solutions to the obstacles facing the work of the Central Bank,” indicating that “the government is making a great effort to maintain the stability of the local market during the holy month of Ramadan, especially with regard to prices.” Selling food and other necessary goods.” 
He added, "We look forward to continued coordination and cooperation with the Central Bank in order to increase the value of the Iraqi dinar and control the local market in order to alleviate the burden of the citizen." 
For his part, Al-Alaq stressed “setting basic rules in order to monitor the process of external and internal transfers,” attributing the instability of the exchange rate to “the presence of illegal trade carried out by small merchants and some speculators, which is financed by withdrawing cash dollars from the market.” 
Al-Alaq said, “The foreign sanctions that were imposed on a large number of our local banks hindered the efforts and plans to open relationships and lines of communication with approved international correspondent banks,” explaining, “The process of printing the local currency is carried out in accordance with the required financial cover and in a way that balances the foreign and local currency and prevents the That is, financial inflation.
He added, "We are currently coordinating with the relevant authorities regarding the implementation of the plan to regulate foreign trade, and we also have ongoing meetings with the US Treasury, and it was agreed to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it is concerned." by monitoring its activity. 

https://alforatnews.iq/news/العلاق-عملية-طباعة-العملة-المحلية-تتم-وفق-الغطاء-المالي-المطلوب

[rvmydinar]

Don't just keep talking about " printing the local currency " dan " increase the value of Iraqi dinar " many many times. Talk is cheap. Just do it. Prove it.

[horsesoldier]

These fools never cease to disappoint. Beyond a tragedy. Looks like they've doubled down on useless, feckless & pathetic.

Bad enough living under this runaway train of a totalitarian government. Living in Iraq must be a nightmare.

[edbeach]

I keep reading this in the articles of CBI as above=moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law.

so this is telling everyone they need an amendment if so does not the parliament need to vote on this. We know how this parliament likes to argue over every law presented to them and how long it takes parliament to pass laws.

JMHO 

[screwball]

8 hours ago, edbeach said:

in addition to the possibility

Possibility does not mean amend….constitution is clear Dinar is priced against gold and silver…will they amend or simply follow constitution? 

Edited March 16 by screwball

[edbeach]

screwball   These are not my words the possibility was presented in the article they like to throw curve balls in statements. I was just pointing this chance out and I am sure a lot of people didn.t pick this up. Look at the oil & gas law they threw a curve ball adding amendments rather than just passing the law.

 

I do not trust anything they say after all these 15 plus years especially this CBI governor. The Prime Minister I believe he for the people of Iraq not the Iranian government. JMHO

[screwball]

58 minutes ago, edbeach said:

screwball   These are not my words the possibility was presented in the article they like to throw curve balls in statements. I was just pointing this chance out and I am sure a lot of people didn.t pick this up. Look at the oil & gas law they threw a curve ball adding amendments rather than just passing the law.

 

I do not trust anything they say after all these 15 plus years especially this CBI governor. The Prime Minister I believe he for the people of Iraq not the Iranian government. JMHO

I don’t mean to offend just making comment…they are very cunning with their words! 

[screwball]

1 hour ago, edbeach said:

The Prime Minister I believe he for the people of Iraq not the Iranian government. JMHO

I believe the same….