Economy Today, 13:02
Baghdad - conscious
Today, Thursday, the Central Bank of Iraq issued a statement regarding the deprivation of some Iraqi banks from dealing in dollars, while noting that these banks do not constitute requests for only 8% of the total external transfers.
And the Central Bank of Iraq stated, in a statement received by the Iraqi News Agency (INA), that
“against the background of recent media news, the Central Bank of Iraq issued a statement regarding depriving some Iraqi banks from dealing in dollars,” noting that
“preventing Iraqi banks from dealing in dollars came against the background of scrutiny.” Bank transfers for the past year (2022), before the application of the electronic platform, and before the formation of the current government as well. He added,
"Banks deprived of dealing in US dollars enjoy complete freedom in dealing in Iraqi dinars with various services within the Iraqi banking system, in addition to their right to international dealings in currencies other than the US dollar," noting that
"the application of the electronic platform for external transfer ensures the
safety of transfer transactions." And its
accuracy in all aspects,
in accordance with international standards and practices, and the
law against money laundering and terrorist financing, as the
US Federal Bank, the US Treasury Department, and international financial institutions praised this system, and it enjoys their care, with high coordination from those parties, and with an accredited international auditor. And he continued,
"What the Central Bank of Iraq has achieved in terms of expanding transfer channels and approved correspondent banks, makes transfer operations available and secure," noting that
"the number of local banks that do this is able to cover all transfer requests, with the ability of the Central Bank of Iraq to cover them without restrictions or restrictions." Ceilings, as long as they involve legitimate operations, bearing in mind that the
banks banned from the dollar, their requests constitute only 8% of the total external transfers. He explained that
"the announced exchange rate in the market is based on the cash dollar granted by the Central Bank of Iraq to cover citizens' requests for travel and others, and
because of the citizen's need for the national currency, some merchants and others withdraw dollars for trade or other purposes, away from the platform and away from the fundamentalist transfer contexts."
Which leads to an increase in the exchange rate on the black market, which is not a parallel market, as long as the source of the dollar is the central bank and not from within the market.
The Central Bank called, according to the statement,
“the government, in order to address this phenomenon, to establish a mechanism to link imports, and
what proves the existence of a fundamental financial transfer corresponding to its value in order to prevent the use of illegal means to pay its values that constitute unjustified pressure on the cash dollar, and helps on the other hand in controlling Manipulation and smuggling of imports.