CENTRAL BANK OF IRAQ

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Today, Sunday, 5/2/2023, the governor of the Central Bank of Iraq met the board chairmen, general managers, and the governmental and private banks delegates to put the necessary arrangements for the first package of measures to control the exchange rate into effect, and to clarify and simplify the procedures to achieve smoothness and speed in executing dollar purchase requests. His Excellency the Governor affirmed the ability of the CBI to meet all legitimate demands, indicating that a second important package will be issued in the middle of this month. He also affirmed that there are no internal or external restrictions on the external transfer or cash sale of dollars in compliance with the International Monetary Fund agreement that was ratified by Parliament in 2008, and that the new system does not aim to restrict response to legitimate demands, as much as it aims to provide protection for the banking and financial system. It supports the implementation of the Anti-Money Laundering and Terrorism Financing Law and the instructions related to it, also promotes the openness of the banking sector abroad, which it has been deprived of for decades.

His Excellency the Governor pointed out that the exchange rate is related to the citizens lives and their purchasing capabilities, which its stability for the targeted levels should be a great priority, and the concerted efforts of the relevant parties should gathered to prevent citizens harm. His Excellency directed not to limit requests to external transfers and cash in Baghdad, and banks branches in governorates should take immediate measures to receive those requests, and indicated that the CB I opened new external channels and outlets to facilitate the conduct of external transfers and avoid the role of unqualified intermediaries to do so.

And he warned against exploiting the current circumstance to carry out unauthorized actions or activities that would make the situation more difficult. Indicating that the CBI will take strict punitive measures against authorized violators, also praised the role of some banks in adhering to everything that achieves the desired goals. The Governor listened to the remarks and proposals of the attendees, and directed the CBI departments to take the necessary action in this regard. It was decided to form a joint operations room between the CBI and the banks, to follow up the implementation of the first package of measures, monitor phenomena, results and obstacles, and make appropriate recommendations in this regard.
 

CBI

Media Office

5/2/2023