IPBL supports governmental efforts reducing exchange rate in parallel market
The Iraqi Private Banks League. Photo: IPBL/Facebook
Baghdad (IraqiNews.com) – The Iraqi Private Banks League (IPBL) announced on Tuesday its support for government efforts aiming to reduce the exchange rate of the US dollar in the parallel market.
The President of the IPBL, Wadee Al-Handal, in a statement to the Iraqi News Agency (INA), indicated that the great support of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, for the private sector represents the beginning of economic reform in Iraq.
Al-Handal stated that the recent measures of the Central Bank of Iraq (CBI) and the government regarding trade financing using new currencies, such as the euro, the UAE dirham, the Chinese yuan, and the Indian rupee, represent a step toward reducing the exchange rate of the US dollar in the parallel market.
The President of the IPBL noted that the regulation of trade financing carried out by the government and the CBI will lead to an increase in trade financing.
Al-Handal clarified that private banks are taking great steps in expanding international relations with international banks to facilitate the financing of Iraqi trade with countries around the world.
The Iraqi official added that the private sector is an important partner for the government in providing services and job opportunities and reducing poverty.