Prime Minister Mr. Mohammed S. Al-Sudani Meets with the Federation of Iraqi Chambers of Commerce to Address Foreign Currency Exchange Rate Fluctuation

Baghdad-INA   
The Media Office of the Prime Minister, said in a statement that Al-Sudani chaired a meeting with the Federation of Iraqi Chambers of Commerce to discuss the causes of exchange rate fluctuations of foreign currency in the Iraqi market and its impact on the citizens and to develop practical solutions.
 
The meeting was attended by the Governor of the Central Bank of Iraq and the Directors of the Border Crossings Authority, the General Commission of Taxes, the Iraqi Customs Authority, and the Authority Trade Fairs. According to the statement.
 
Following the orders of the Prime Minister and according to the recommendations at the meeting, several decisions were taken to stabilize the foreign currency exchange rate, stop manipulation, and prevent damaging the national economy. These decisions are:
 
1- Involving the Chambers of Commerce and the Federation of Industries in the Ministerial Council of Economy sessions, representing the private sector.
 
2- Adding to this meeting, the Real Estate Registration Department, the Registrar of Companies, Industrial Development, The National Investment Commission, and the Rafidain and Rasheed Banks.
 
3- Opening a new Foreign Currency Selling Window for small traders by the Trade Bank of Iraq (TBI).
 
4- Financing the Central Bank of the Trade Bank of Iraq (TBI) with an additional amount of $500 million to open credits for small merchants and rely on the initial invoice and account number of the final beneficiary of the credit for review.
 
5- Authorize the import of goods and merchandise for companies registered with the Companies Registration Department in the Ministry of Trade of all types of companies and factories registered with the General Directorate of Industrial Development and investment projects of all kinds duly licensed by the National Investment Commission and the duly registered agencies, individuals and offices registered with the Iraqi Chambers of Commerce (whether required to have import license or not).
 
6- Facilitating import procedures, reducing the requirements for opening letters of credit, and canceling the General Commission of Taxes order to impose delay fines on importers.
 
7- This meeting will be held weekly to follow up on developments, implement these decisions, and add the agencies mentioned above to attend the meeting.
 
During the meeting, the Prime Minister stated that the responsibility to face fluctuations in the local market is a shared responsibility, and it has ethical and patriotic dimensions. Everyone must respond to it, whether in the private or public sectors.
 
In the context of His Excellency's directives to reduce the financial, administrative, and routine burdens on citizens, Mr. Al-Sudani stressed the need to review the General Commission of Taxes' work to ensure its work follows the standards of integrity and the law. He emphasized that the government will not tolerate any damages caused to the citizens.
 
Mr. Al-Sudani expressed the determination of government agencies to carry out economic reforms and address the deterioration caused by wrong decisions in previous years.