Finance Committee to probe CBI policy shifts
Shafaq News/ The Iraqi Parliamentary Finance Committee has decided to summon Central Bank Governor Ali Al-Alaq to address recent directives and policy changes issued by the bank, a committee member confirmed on Sunday. The exact date of the session has yet to be determined.
According to Mustafa Sanad, a member of the committee, the discussions will focus on several measures implemented by the Central Bank of Iraq (CBI). Among these, the committee is particularly concerned with the new policy setting the minimum property sale price of million dinars (approximately $76,000) through banks, down from 500 million dinars (approximately $381,000) as well as the increase in electronic card withdrawal fees for employees' salaries.
As outlined in official instructions sent to the Real Estate Registration Directorate on January 15, property transactions will now be conducted exclusively through licensed Iraqi banks to bolster due diligence efforts in combating money laundering and terrorism financing.
Additionally, CBI has raised the withdrawal fee for electronic cards to 2,000 dinars ($1.5) per million dinars, up from 1,000 dinars ($0.75), a change that will affect both employees and retirees.
Several MPs have previously called for Governor Al-Alaq to explain these recent measures, highlighting growing concerns over their potential impact on the financial sector and the broader economy.
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