Wadee Al Handal, President of Iraqi Private Banks League, Drives Initiatives for Exchange Rate Reduction in Iraq

In a recent dialogue session organized by the Iraqi Private Banks League (IPBL), Mr. Wadee Al Handal, Chairman of Al Handal International Group and President of IPBL, led discussions aimed at addressing challenges in the exchange rate. The session, attended by government representatives, including Dr. Saleh Mahood, Government Advisor to the Prime Minister for Banking Affairs, and private bank officials, yielded promising results, showcasing a united front in tackling financial issues.

Mr. Al Handal emphasized the importance of collaborative efforts and shared responsibility among the three parties, highlighting the crucial role of banks in overcoming government challenges, particularly in resolving the dollar issue. Dr. Saleh Mahood echoed this sentiment, expressing optimism in the pivotal role banks can play.

Dr. Mazin Sabah, Director General of the Investment Department at the Central Bank of Iraq, disclosed crucial decisions and measures to support banks, especially those distant from the dollar, fostering transparency and positive developments. The session featured insightful discussions and proposals addressing banking struggles, with a commitment to constructive solutions.

Mr. Al Handal called on the government to protect the banking sector's reputation, advocating for the release of detained bankers and exchange owners. Dr. Saleh committed to further meetings to discuss challenges, especially with banks distant from the dollar, aligning with Federal Reserve decisions.

Mr. Al-Handal emphasized that recent initiatives by the Central Bank of Iraq (CBI) and the government, involving facilitating trade financing using new currencies like the euro, the UAE dirham, the Chinese yuan, and the Indian rupee, represent a noteworthy stride in lowering the exchange rate of the US dollar within the parallel market.

The meeting concluded with a comprehensive set of solutions, forming a package of decisions aimed at directly addressing exchange rate disparities.