CBI Governor reveals government debt, pursuit of currency smugglers

Shafaq News/ Ali Al-Alaq, Governor of the Central Bank of Iraq (CBI), has unveiled a staggering debt owed by the federal government, totaling nearly 50 trillion dinars.

Al-Alaq reaffirmed the CBI's unwavering commitment to vigorously pursue individuals illegally moving hard currency out of the country.

In a press briefing, Al-Alaq detailed the CBI's strategic approach to acquiring dollars through lawful channels, including collaborating with reputable companies operating exchange outlets at airports.

Responding to inquiries about the cost of producing the Iraqi currency, Al-Alaq disclosed that it amounts to 5-6 cents per paper note. He clarified that no sovereign fund has been established due to the current budget deficit.

Al-Alaq provided insights into the CBI's financial requisitions from the government, revealing a request for 46 trillion dinars, with 30 trillion originating from the previous administration led by Prime Minister Mustafa Al-Kadhimi.

Addressing speculations regarding the entry of 14 foreign banks into Iraq, Al-Alaq dismissed the claims as erroneous. He affirmed that banks maintaining correspondent relationships adhere to credible, official, and transparent foreign remittance protocols.

Articulating the CBI's future objectives, Al-Alaq underscored a relentless determination to eliminate speculators operating within the parallel market. He adamantly opposed security measures involving merchants, deeming such tactics unacceptable.

The Governor outlined an escalated campaign against illicit entities manipulating the circulation of hard currency within the country.

Al-Alaq noted Iraq's possession of 132 tons of gold in the realm of precious metals, projecting a promising trajectory for the nation's engagement with the valuable resource.