The central bank explains the reasons for the decline in sales of the window for the sale of foreign currency
Economy | 09:57 - 24/11/2022
the Central Bank of Iraq revealed, on Thursday, the reasons for the decline in the volume of sales of the foreign currency selling window in recent times.
An authorized source at the bank told the official news agency, followed by / Mawazine news/, that
"the Central Bank of Iraq is working to automate banking according to the best banking standards, including the establishment of an electronic platform that regulates the external transfer process through the window of selling foreign currency, similar to the electronic platform that organized the work of letters of guarantee.
"Due to the insufficient readiness of local banks with the start of the pilot application of the platform, the implementation of part of foreign transfers has been postponed, which entailed a decrease in the volume of sales of the window for the sale of foreign currency," he added.
"The central bank continues to strengthen the balances of banks abroad to settle their foreign transactions through the window, which finances imports and other permitted transactions in accordance with the instructions of the window and the application of international standards and the law on combating money laundering and terrorist financing," he stressed. Over29 / M99