Ali al-Aalak: We succeeded in maintaining the {strength of the dinar}

19/7/2018 12:00 am

 Baghdad / Tareq al-Araji
The Governor of the Central Bank Ali Al-Aal, the continuation of the Iraqi dinar to maintain its strength against the dollar, stressing that this is a success of the monetary policy followed by the bank, despite the crises experienced by Iraq, while the disclosure of the development of an integrated strategy for the years (2016 2020) Includes dozens of plans and initiatives.


Al-Alak said in an exclusive interview with Al-Sabah, "The preservation of the dinar against the dollar is a strong element, especially that the exchange rates in many stable countries fall significantly and reach 30 or 40 percent, while in other countries it may fall to more than That ", noting that" the function of the Central Bank lies in maintaining the stability of the exchange rate of the Iraqi dinar against
Dollar. "


He added that "the honor of the Governor of the Central Bank promised him the best Arab comes in the framework of external follow-up of various organizations related to the banking issue through the monitoring of a number of indicators and standards adopted at the bank," explaining that "these organizations confirmed that the Central Bank during the last three years moved from a bank Working in the functions of the twentieth century to an institution working in the functions of the twenty-first century, and was able to exceed the legacy of years of mismanagement
Isolation ".


"The bank has made tremendous efforts over the past three years to keep abreast of developments by adding new functions and functions that are being created for the first time in parallel with other countries, as well as continuing focused operations in training, development and benefiting from the support of international organizations and central banks," he said.


"Financial stability and risk management, as well as overall quality management and compliance management, are among the other important functions that have been introduced into the central bank," he said. "For the first time, the bank's organizational structure was restructured to accommodate these new jobs Through working with the Office of an international consultant, according to an integrated strategy for the years 2016 and 2020 includes dozens of plans and initiatives that must be completed during that period. "


As for the central bank's entry into major investments in the country, Alaq explained that "the central banks should not risk reserves because they are a defense dam against the economic and financial crises facing the countries." He explained that "the rules of use for the reserve or investment must be placed in a safe place So that the Bank has the ability to respond to any demand for hard currency. "


"Among the things that measure the successes and achievements on the basis of which are the nature of the circumstances surrounding the institution in charge of a particular work in the sense that it reveals the capabilities and potentials, and highlights the strengths and the ability to confront, To face the difficult circumstances and overcome them with wisdom and with great responsibility, and did not distance himself away from the financial and security challenges to the state and government. "


The governor of the Central Bank, said that "the entry of gangs and the terrorist call to Mosul with the drop in oil prices, caused direct pressure on the bank at the time, but the bank was able to face these crises strongly and not only in maintaining the stability of the exchange rate, but the stability of public finances of the state by buying Treasury transfers at a time when staff salaries were threatened to stop. "




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