The Governor of the Central Bank of Iraq is hosted by the Al-Rafidain Forum

[RamblerNash]

September 27, 2022

Today, Tuesday, Al-Rafidain Forum for Dialogue hosted His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mikhaif, in the presence of local and international personalities. His Excellency said during the special meeting on the sidelines of the forum’s activities, which was launched yesterday, Monday, under the slogan “The World is Changing”: International banks had important roles during the Corona pandemic, and the Central Bank of Iraq moved from its traditional role to modern banking, as it prepared a five-year strategy to meet challenges and circumstances. His Excellency pointed out that the Central Bank of Iraq presented a unique development initiative that had internal and external resonance, and provided financial liquidity to many sectors, while facilitating the procedures for granting it through government and private banks, which led to moving the wheel of the Iraqi economy.

He added: The banking sector is affected by the challenges that occur in the Iraqi arena, indicating that the bank's management has made tours in several countries to establish joint banking and economic relations within the objectives set for the Central Bank of Iraq. On the other hand, His Excellency indicated that a team from the Central Bank of Iraq is studying the issuance of digital currency. His Excellency touched on the issue of structuring the currency and deleting zeros, which requires a law to be legislated by Parliament, as a draft law was submitted years ago, and it needs amendments. He revealed the imminent launch of a new currency of (20) thousand dinars after the studies and research that were conducted, and the economic feasibility of them, stressing that the Central Bank is working to complete the design of the new currency, and it will be announced after completing its printing.

His Excellency added: We have worked to implement international standards for combating money laundering and terrorist financing, with joint efforts with the concerned and competent authorities with great government support. Noting that the Central Bank of Iraq has drawn up a plan to reform the governmental and private banking sector, and that there are a number of measures in this regard that require the cooperation of the concerned authorities. Then he referred to the tasks of the bank's branches in the governorates by covering the southern and northern regions, and that the need arose to cover the middle Euphrates region, and through the studies that were conducted, the Najaf Governorate was chosen to cover that region in order to revive it economically.

Regarding the process of changing the dollar exchange rate, His Excellency the Governor confirmed that it was due to the circumstances that Iraq faced at the time and obligated the bank and the government to change it, stressing that there is no intention of the Central Bank of Iraq to make a change to the dollar exchange rate.

Central Bank of Iraq
Media Office
27 - September - 2022

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