Central Bank Governor no intention reduce Dinar exchange rate against Dollar no American ban Iraqi funds

The Governor of the Central Bank, Ali Al-Allaq, confirmed that there is no intention to reduce the exchange rate of the dinar against the dollar, and there is no American ban on Iraqi funds.

Al-Allaq said during his speech to a number of journalists: "There is no intention to reduce the exchange rate of the dinar against the dollar, and we will help the government overcome the repercussions of any potential closure of the Strait of Hormuz by discounting treasury bonds and securing salaries," pointing out that "monetary reserves are currently invested in several countries, and there is no American ban on Iraqi funds."

He added that "the US Department of the Treasury and the Federal Reserve praise the role of the Central Bank," pointing out that "the Central Bank provides the dollar to travelers and merchants at the official rate."

He explained that "most banks have reached the stage of merger or liquidation, and only one or two banks remain unable to continue," stressing that "the banking reform file enjoys direct attention from the Prime Minister, and there is an upcoming meeting in the coming days with the Federal Reserve and the US Department of the Treasury."

He stressed that "he directly supervises the banking reforms file, and the concerned banks and the consulting company have covered an important distance in implementing reform requirements," noting that "an upcoming meeting in the coming days will bring together Oliver Wyman Company and the Central Bank of Iraq with the US Federal Reserve and the US Department of the Treasury."

He continued: "The meeting will pave the way for transitioning to the stage of dealing in other foreign currencies for banks that have completed all the required conditions and procedures," pointing out that "there is no truth to what is being said about the Central Bank obstructing banking reforms, and our interest lies in the return of deprived banks to activity as soon as possible."

He concluded by saying: "Media has a major role, and the international community monitors with interest what is presented by MPs, analysts, and local media outlets."