Thursday, June 28, 2018

PAST NEWS BUT HAD TO READ IT AGAIN-The CBI Governor Issued a Statement about Iraqi Dinar Currency by lyde B, 28 JUNE

The CBI Governor Issued a Statement about Iraqi Dinar Currency
6 months ago by Iraq123 News Comments Off on The CBI Governor Issued a Statement about Iraqi Dinar Currency
The Governor of the Iraqi Central Bank issued a statement that floating of the Iraqi dinar currency is very hard to implement as the monopoly of Iraqi government regarding the distribution of the U.S dollar and other foreign currencies in the country. The CBI Governor Ali Al-Alak said in a press interview that most oil producing and exporting countries rely on a fixed exchange rate or fixed according to flexibility. 

It doesn’t affect the mechanism of floating the currency and never happened in Iraq or other oil rich countries. He pointed out that the Egyptian Central Bank decided in November 2016 to float the pound and it has been considered a perfect step, but it was implemented too late. The Iraqi Central Bank took several measures to stabilize the financial and economic situation in the country. CBI also used perfect mechanisms in the prevention and removal of risks from the Iraqi financial sector. He added that it was due to the efficient implementation of the law in 2015 regarding fight against money laundering and financing terrorism.

The CBI Governor Issued a Statement about Iraqi Dinar CurrencyThe CBI Governor has confirmed that there are a number of objectives achieved, including strengthened sensible supervision, reliable payment systems, electronic payment systems for clearing and settlement operations. These steps were taken to regulate, manage and control banking operations in the country. The Governor of CBI also pointed out about the efforts of Iraqi federal government in achieving the concept of Financial Inclusion and its implementations. 

He added that its implementation delayed due to the financial and security instability in the country during the previous years. He said that the short-term plan objective is to deposit salaries of entire state employees in Iraqi banks. It would empower the base of customers and at least 3 million people will get benefits. It is important that the Rasheed bank announced on 24th December that its doors will be closed on Monday 25th December 2017 to Tuesday 2nd January 2018.

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