On Saturday, Central Bank Governor Ali Al-Alaq emphasized that stabilizing the exchange rate of the dinar against the dollar is a significant process that requires changes to Iraq’s commercial and financial transfer system.
This statement was made during Erbil’s first annual banking conference, which was themed “The banking sector, opportunities for advancement and the future of international companies.”
In his speech, Al-Alaq emphasized the need to consolidate the rules stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2018. He further stressed on the importance of applying international practices and standards to safeguard the integrity of the financial system from both local and international risks and procedures. This would ensure the transparency and integrity of financial operations.
He emphasized once again that these rules are crucial to maintain the integrity of the financial system. The rules also protect Iraq from significant risks. It’s important to note that the application of these rules and standards is closely linked to the external transfer process and the sale of the dollar in various forms.
Al-Alaq emphasized the importance of establishing standards to facilitate smooth transfer operations and maintain exchange rate stability. He explained that this requires significant changes and reorganization of the commercial system in Iraq including the external transfer system. The Central Bank is dedicated to this process and is working on it daily to ensure it leads Iraq to the right and correct path. Every day, the bank opens new channels to facilitate and accelerate the process.