Ali Al-Alaq, the Governor of the Central Bank of Iraq, has revealed that more merchants are now using the electronic platform for selling dollars. He also noted that the market is under pressure due to the high demand for the dollar from travelers.
During an interview with the official agency, Al-Alaq stated that the electronic platform initially faced difficulties that caused some individuals to hesitate to use it. However, the implementation rate has since improved from 20 percent to 95 percent, providing reassurance that the platform is both speedy and secure. Al-Alaq further emphasized that utilizing the electronic platform for external transfers ensures safety for all parties involved, protecting them from potential local and international sanctions.
According to Al-Alaq, 90% of the Central Bank’s sales are for remittances and external transfers, which are going smoothly at the official price (1320). However, there is an issue with the cash side, which only accounts for 10% of daily internal sales. This 10% is enough to meet the needs of travelers, but some people are attempting to dominate by withdrawing the allocated amount, causing pressure and an increase in the cash price. These parties have been identified as engaging in illegal and criminal activities.
Al-Alaq cautioned about certain merchants who are unable to function in an organized environment and seek disorder. The Central Bank is collaborating with the government to confront this issue and restrict these identified and monitored groups.
