CBI has removed all exchange restrictions and Multi Currency Practices.
"The Iraqi government will also remove restrictions on currency exchange. This will be an important part of encouraging investment in the country as it will signal that currency can be freely exchanged without government restrictions"
Ali Mohsen Al-Alaq
October 16, 2017
Watch a live briefing from the governor of Iraq's central bank on the challenge of combating Islamic State financial activity.
After the Islamic State took over vast swaths of the country in 2014, the Central Bank of Iraq (CBI) moved quickly to cut off financial institutions in IS-controlled territory, blacklist exchange houses exploited by the terrorist group for cross-border transactions, and otherwise isolate it from the international financial system. As authorities push IS out of its core territory, investigating and disrupting its remaining financial networks in Iraq can help weaken its ability to operate as a terrorist organization and insurgency.
To discuss this challenge and the CBI's role in meeting it, The Washington Institute is pleased to host a Policy Forum with Dr. Ali Mohsen Al-Alaq.
NOTE: Only the governor's initial prepared remarks will be on the record and livestreamed. The remainder of the event, including the question-and-answer session, will be off the record.
Ali Mohsen Al-Alaq, the Governor of the Central Bank of Iraq, is a financial expert, policymaker, and academic with three decades of experience in financial management, accounting, and analysis. Since being appointed as CBI governor in 2014, he has helmed a number of anti-corruption and counterterrorism efforts, including as chief implementer of Iraq's new anti-money laundering and counter-terrorist financing (AML/CFT) legislation (2015) and as a major contributor to the National Strategy for Combating Corruption (2017). He also heads two national oversight bodies -- the Anti-Corruption Council and the AML/CFT Council -- and is the focal point for cooperation with the Counter-ISIL Finance Group (CIFG).
Monday, 1439/1/26 H corresponding to 2017/10/16 SPA
Riyadh, 16 Muharram 1439H (corresponding to 16 October 2017)
The Minister of Finance, Mr. Mohammed bin Abdullah Al Jadaan, and the Governor of the Saudi Arabian Monetary Agency (SAMA), Dr. Ahmed bin Abdul Karim Al Khulaifi, participated in the joint meeting of Arab Bank Governors Held yesterday at the World Bank headquarters in Washington, DC.
The meeting focused on the development efforts and challenges of the Arab countries, including support from the World Bank Group to contribute to strengthening the partnership between the World Bank and Arab countries.
During the meeting, the Minister of Finance delivered a speech in which he expressed his appreciation to the Arab countries for their efforts in the region. He urged the World Bank to intensify efforts and expand its activities in the region through funding and technical consultations, To support the growth and development of the States of the region.
He called on the World Bank to strengthen its support to help develop capital markets, improve debt management frameworks, encourage private sector investment, and promote innovation and access to finance, especially for SMEs. He stressed the need to increase financial and technical assistance to address the challenges facing the Palestinian people, By increasing the credit fund resources of the West Bank and Gaza Strip.
The Minister of Finance stressed that more efforts should be exerted in the field of financial sector development in cooperation with Arab financial institutions, and providing training and capacity-building for Arab countries, which will support the implementation of reforms in the areas of financial inclusion, capital market development and pension systems.
At the end of his speech, the Minister thanked the World Bank Group for its efforts and its support to the Arab countries and expressed its aspiration to deepen and expand the partnership in order to promote sustainable development in Arab countries.