Central Bank Governor: Banking reform is receiving direct attention from the Prime Minister

[RJG]

Central Bank Governor: Banking reform is receiving direct attention from the Prime Minister

Yesterday, 23:21

 

p

Baghdad – WAA

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Tuesday that there is no intention to reduce the exchange rate of the dinar against the dollar. While denying the existence of any American embargo on Iraqi funds, he indicated that the banking reform file is receiving direct attention from Prime Minister Ali Al-Zubaidi.

Al-Alaq told a number of journalists, as reported by the Iraqi News Agency (INA), that “there is no intention to reduce the exchange rate of the dinar against the dollar, and we will help the government overcome the repercussions of any potential closure of the Strait of Hormuz by discounting treasury bonds and securing salaries,” noting that “the cash reserves are currently being invested in several countries, and there is no American embargo on Iraqi funds.”

He added that "the US Treasury and the Federal Reserve praise the role of the central bank," noting that "the central bank provides dollars to travelers and traders at the official rate."

He explained that "most banks have reached the stage of merger or liquidation, and only one or two banks remain that are unable to continue," stressing that "the banking reform file is receiving direct attention from the Prime Minister, and there is an expected meeting in the coming days with the Federal Reserve and the US Treasury Department."

He confirmed that he "directly oversees the banking reforms file, and the banks concerned and the consulting firm have made significant progress in implementing the reform requirements," noting that "a meeting is expected in the coming days that will bring together Oliver Wyman and the Central Bank of Iraq with the US Federal Reserve and the US Treasury Department."

He added: “The meeting will pave the way for the transition to dealing in other foreign currencies for banks that have completed all the required requirements and procedures,” noting that “there is no truth to what is being said about the Central Bank obstructing banking reforms, and our interest lies in the return of the deprived banks to activity as quickly as possible.”

He concluded by saying: "The media has a major role, and the international community is watching with interest what is being said by parliamentarians, analysts, and local media."

https://ina.iq/ar/economie/263703-.html

[dinareffic]

 About damn time. Come on Iraqi trump.  Get cbi to push that beautiful big red RV button 

[screwball]

programs and budget need t be supported by rate....

[screwball]

On 5/20/2026 at 10:33 AM, RJG said:

“The meeting will pave the way for the transition to dealing in other foreign currencies for banks that have completed all the required requirements and procedures,” noting that “there is no truth to what is being said about the Central Bank obstructing banking reforms,

other currencies equals international

[screwball]

On 5/20/2026 at 10:33 AM, RJG said:

the banking reform file is receiving direct attention from the Prime Minister, and there is an expected meeting in the coming days with the Federal Reserve and the US Treasury Department.

good to see new PM getting up to speed....

[JonnyV]

5 hours ago, screwball said:

other currencies equals international

 

Hopefully it also means on par with other currencies as well.   Just do something already for God’s sake.

[southbeach]

3 hours ago, JonnyV said:

 

Hopefully it also means on par with other currencies as well.   Just do something already for God’s sake.