New indications that the dinar is moving towards gradual recovery for several reasons, notably the central bank since January application of a new system for window buying and selling the currency and the abolition of the role of intermediaries and fine control over the movement and circulation of foreign currency, as well as making sure they arrive to the last beneficiary Add Strict adherence to the banks and their cooperation with the central system in the new application.
The recent instructions issued by the special adoption of new mechanisms to facilitate the previous procedures routine in the use of foreign currency for the purpose of coverage of imports and the emphasis on the identification of the last beneficiary in order to maintain Iraq ‘s money from misuse, where Iraqi Central Bank Governor Ali Mohsen Allaq announced during frequent meetings with leaders the central bank will adopt in 2017 a new vision applications monetary policy for the purpose of achieving the goals set out in the law No. 56 of 2004.
The most important of these goals to maintain the dinar ‘s exchange value and hedged foreign currency rate through the building of foreign cash reserves in accordance with international standards in the calculation of the cash reserve to cover the dinar and coverage of imports entering Iraq.
Also, the other main objective is to maintain foreign currency from the use of non – economic and developmental purpose, so the central work of the past two years deliberate and sequenced and coordinated steps with the government agencies concerned with maintaining the independence contained in the law where procedural and organizational and structural policy issued years (2016 –2020) select targets to achieve financial stability and development of the banking work technically and structurally and organizationally in order to reach financial inclusion, where in 2016 in the preparation and development of appropriate financial and technical foundations of the reality of the Iraqi economy and mechanisms of the banking business.
What the form of a solid base – wide home and abroad and led to the transfer of the case of the Iraqi economy, basic most notably the financial sector, the follow – up phase to the stage based on the report of the competent international financial organizations.
All this has led the central bank to begin a new phase in the 2017 based on the four pillars of the first of is work and dealing with banks with new mechanisms about the pressures of the previous instruction militant and granting flexibilities and allowances and the many facilities in order to achieve the goal of economic reform and the banking relies on transparency and disclosure.
The second pillar is to deal with the banks on the basis of new services and high – level banking products and restore the public banking sector confidence, in addition to the financial results and the extent of its commitment to implementing the monetary policy of the Central Bank trends and its impact on the actual contribution to the GDP and its contribution to sustainable development and the transition from the role of banking to the developmental role.
The third is to deal with the banks, according to the standards of classification adopted by the Central Bank as of 2017 actually appeared to deal with the banks accordingly, fourth pillar is the issuance of central bank on January 15th a new mechanisms to regulate the mediation of banks between the importers and the World Bank relies facilitate procedures and controls and adopt transparency the disclosure of the ultimate beneficiary in order to achieve the goal of the bank to maintain the exchange rate and ensure the use of foreign currency in order to meet the needs of the economy and market development and not directed to other purposes.