CBI Governor reveals government debt, pursuit of currency smugglers

CBI Governor reveals government debt, pursuit of currency smugglers
CBI Governor reveals government debt, pursuit of currency smugglers

The governor of the Central Bank of Iraq, Ali Al-Alaq, has revealed that the federal government has a debt of almost 50 trillion dinars.

Al-Alaq affirmed that the Central Bank of Iraq is fully committed to aggressively pursue anyone who illegally exports hard currency from the country.

During a press briefing, Al-Alaq elaborated on the CBI’s strategic plan to obtain dollars through legal means by working together with trustworthy companies that operate currency exchange stations at airports.

When asked about the production cost of the Iraqi currency, Al-Alaq revealed that it is around 5-6 cents per paper note. He also explained that the current budget deficit prevents the establishment of a sovereign fund.

Al-Alaq provided information about the CBI’s financial requests from the government. They disclosed a total request of 46 trillion dinars, with 30 trillion coming from the previous administration under Prime Minister Mustafa Al-Kadhimi.

In response to rumors about 14 foreign banks entering Iraq, Al-Alaq stated that these claims are incorrect. He confirmed that banks with correspondent relationships follow trustworthy, authorized, and transparent procedures when transferring funds internationally.

Al-Alaq, while discussing the future goals of the CBI, emphasized the need for constant efforts to eradicate speculators operating in the parallel market. He strongly disagreed with implementing security measures against merchants, considering them to be unacceptable tactics.

The Governor announced a heightened effort to combat illegal organizations that are manipulating the circulation of physical currency within the nation.

Al-Alaq mentioned that Iraq has 132 tons of gold in their possession in the precious metals sector, indicating a positive outlook for the country’s utilization of this valuable resource.


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