Al-Sudani directs to finalize procedures for developing Rafidain Bank’s work iraqi dinar news update
Prime Minister Mohammed Shia Al-Sudani chaired a special meeting today, Wednesday, to develop the work of government banks, in the presence of representatives of Ernst & Young for Auditing and Financial Consulting.
In a statement from his office, Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector.
The Prime Minister stressed the “necessity of continuing intensive meetings between the Higher Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank.”
It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank’s work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank’s ability to meet global banking requirements.
And Today, Ahmed Brihi, a member of the Board of Directors of the Central Bank of Iraq, explained the reasons for the rise in the dollar exchange rate in the local market.
In a statement to Al-Maalouma Agency, Brihi said, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”
He added, “Another reason related to the rise in the dollar exchange rate is the connection to the electronic platform that controls the floating of the currency in the market, where it is less than demand, and thus the dollar price will be raised, and the platform is controlled by the US Federal Reserve, which causes a difference from the official price.”
The exchange rate of the dollar against the dinar has recorded a noticeable increase in the stock exchange and exchange shops in the capital, Baghdad, and the governorates, during the past few days.
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks and preventing the dollar under many pretexts, which in one way or another led to a severe financial crisis in local markets.
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