On Thursday, the Prime Minister of Iraq, Muhammad Shia’a Al-Sudani, instructed the creation of a permanent committee to tackle the challenges faced by the banking sector.
Earlier today, a government source informed the Shafaq News Agency about several directives issued by Prime Minister Muhammad Shia’a Al-Sudani after a significant meeting. These directives pertain to the operations of exchange companies.
The office of Prime Minister Muhammad Shia’ al-Sudani issued a statement through Shafaq News agency. The statement directed all relevant institutions to follow the guidelines outlined in the Central Bank of Iraq Law No. 56 of 2004. This law states that the Central Bank of Iraq is the sole authority responsible for regulating and monitoring the operations of banks and non-bank financial institutions. The directive was issued to ensure that all institutions comply with the law.
The Association of Exchange Companies has pledged to work seven days a week in order to sell foreign currency to citizens at the approved official rate, in accordance with the regulations and instructions of the Central Bank. This statement was made as an initiative to ensure that citizens have access to foreign currency at the official rate.
The statement stated that a permanent committee will be formed, consisting of representatives from the Central Bank, the Prime Minister’s Office, and the Association of Exchange Companies. This committee will address any obstacles in the work of companies and banks.
