Exclusive: Iraqi Parliament moves to question CBI Governor over dollar instability, says finance official

Shafaq News/ On Sunday, Mohammed Nouri, a member of the Iraqi Parliament's Finance Committee, announced that efforts are underway in the Committee and Parliament to question Central Bank (CBI) Governor Ali Al-Alaq, citing issues like the inability to stabilize the dollar exchange rate.

Nouri told Shafaq News Agency that the move aims to address “several issues, notably the bank's failure to stabilize the dollar's exchange rate and the control exerted by certain foreign-owned private banks over the currency exchange and transfer window.”

“We are using official letters and communications to replace the Governor, as he has exceeded the mandatory retirement age but continues to hold the position despite the legal requirement for retirement,” he added.

On August 19, Committee member Mustafa Al-Karawi revealed to our Agency that the House of Representativeswas requested to schedule Al-Alaq's questioning on key issues, including the dollar exchange rate and sales to travelers, the currency buying and selling window, money transfers abroad, monetary financing, American sanctions, and negotiations with the Federal Reserve.

Additionally, the State Council confirmed that Al-Alaq had surpassed the retirement age and emphasized that legislation requires compulsory retirement at the legal age, unless an exception is specified, which does not apply to the CBI Governor.

Iraq's Supreme Judicial Council (SJC) endorsed the State Council's decision to retire Al-Alaq upon reaching the legal age, following an inquiry from the House of Representatives on the legality of his continued tenure.

Notably, Dr. Ali Mohsen Al-Alaq, Governor of the CBI since 2014, is a financial expert with over 30 years of experience who has led key anti-corruption and counterterrorism initiatives, including implementing Iraq's AML/CFT legislation and contributing to the National Strategy for Combating Corruption.