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Get ready.. The exchange rate is on track for a new rise: The dollar selling platform will stop and “the shock is coming”
Economy 12-17-2024, 15:38 |
Baghdad today - Baghdad
Economic affairs specialist Nasser Al-Tamimi warned today, Tuesday (December 17, 2024), of a rise in the dollar exchange rates in Iraq in the coming days. Al-Tamimi told “Baghdad Today” that
“there are real fears in the Iraqi market about the continued rise in dollar exchange rates after the platform was suspended by the Central Bank of Iraq,” noting that
“this matter will constitute a shock, especially at the beginning of the implementation of the decision and will push for a rise.” The dollar, to increase demand for it in the parallel market.” He added,
"After stopping the platform, most merchants, especially small ones, will rely on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey with dollars, in illegal ways," pointing out that
"this is what will push the rise and that is why practical steps must be taken to prevent This is done by the monetary authority in the country, and urgently.”
On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for external transfers, while indicating that placing external transfer operations and meeting requests for the dollar is on sound paths and consistent with international practices and standards. The bank said in a statement received by “Baghdad Today” that
“the electronic platform for external transfers managed by the Central Bank of Iraq began at the beginning of 2023 AD as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control through the Federal Reserve auditing daily transfers.”
This was an exceptional measure, as the Federal Reserve does not usually undertake this, and
a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, with an international auditing company mediating this. By pre-scrutinizing transfers before they are executed by correspondent banks. He added,
"During the year 2024 and until now, 95% of the transfer process has been achieved from the electronic platform to the direct correspondent banking mechanism between it and the Iraqi banks.
This means that only about 5% of it remains inside the platform, which will be transferred through the same mechanism before the end of this year." year and according to the plan,” explaining that
“some expectations about possible effects on the exchange rate and transfer operations are unfounded, because
the process will not happen suddenly or in one batch at the end of this year, but rather
it was already achieved during the period.”
"With effort and careful follow-up, the remaining small percentage will be completed in the next short period." He stressed that
"trade with the United Arab Emirates, Turkey, India, and China represents about 70% of Iraq's foreign trade as (imports),
which called on the Central Bank of Iraq to find channels for transfer in the currencies of the euro, the Chinese yuan, the Indian rupee, and the Emirati dirham, via correspondent banks." approved in those countries, and
(13) Iraqi banks have already begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved, in addition to transfers in the dollar currency.” He continued:
“With the provision of channels for
personal transfers for legitimate purposes and
foreign purchases through electronic payment channels and international money transfer companies,
cash sales to travelers, and
payment of cash dollars for incoming transfers to the destinations and purposes specified in the Central Bank’s published instructions.”
The Central Bank of Iraq stressed that it has “put external transfer operations and meeting requests for the dollar on sound paths and are consistent with international practices and standards and the law on combating money laundering and the financing of terrorism,” explaining that
“providing the aforementioned channels for all purposes at the official price of the dollar makes this price the real indicator of practices.”
This is proven by the reality of price stability and inflation control, and any other price that is traded outside these channels is considered an abnormal price that is resorted to by those who resort to non-fundamental or illegal practices who stay away from official channels in their dealings.
They alone bear the additional costs by purchasing at a higher price than the official price, in order to deceive others about the difference between the official price and others.”
https://baghdadtoday.news/264127-استعدوا.-سعر-الصرف-على-موعد-مع-ارتفاع-جديد-منصة-بيع-الدولار-ستتوقف-والصدمة-قادمة.html
Economy 12-17-2024, 15:38 |
Baghdad today - Baghdad
Economic affairs specialist Nasser Al-Tamimi warned today, Tuesday (December 17, 2024), of a rise in the dollar exchange rates in Iraq in the coming days. Al-Tamimi told “Baghdad Today” that
“there are real fears in the Iraqi market about the continued rise in dollar exchange rates after the platform was suspended by the Central Bank of Iraq,” noting that
“this matter will constitute a shock, especially at the beginning of the implementation of the decision and will push for a rise.” The dollar, to increase demand for it in the parallel market.” He added,
"After stopping the platform, most merchants, especially small ones, will rely on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey with dollars, in illegal ways," pointing out that
"this is what will push the rise and that is why practical steps must be taken to prevent This is done by the monetary authority in the country, and urgently.”
On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for external transfers, while indicating that placing external transfer operations and meeting requests for the dollar is on sound paths and consistent with international practices and standards. The bank said in a statement received by “Baghdad Today” that
“the electronic platform for external transfers managed by the Central Bank of Iraq began at the beginning of 2023 AD as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control through the Federal Reserve auditing daily transfers.”
This was an exceptional measure, as the Federal Reserve does not usually undertake this, and
a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, with an international auditing company mediating this. By pre-scrutinizing transfers before they are executed by correspondent banks. He added,
"During the year 2024 and until now, 95% of the transfer process has been achieved from the electronic platform to the direct correspondent banking mechanism between it and the Iraqi banks.
This means that only about 5% of it remains inside the platform, which will be transferred through the same mechanism before the end of this year." year and according to the plan,” explaining that
“some expectations about possible effects on the exchange rate and transfer operations are unfounded, because
the process will not happen suddenly or in one batch at the end of this year, but rather
it was already achieved during the period.”
"With effort and careful follow-up, the remaining small percentage will be completed in the next short period." He stressed that
"trade with the United Arab Emirates, Turkey, India, and China represents about 70% of Iraq's foreign trade as (imports),
which called on the Central Bank of Iraq to find channels for transfer in the currencies of the euro, the Chinese yuan, the Indian rupee, and the Emirati dirham, via correspondent banks." approved in those countries, and
(13) Iraqi banks have already begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved, in addition to transfers in the dollar currency.” He continued:
“With the provision of channels for
personal transfers for legitimate purposes and
foreign purchases through electronic payment channels and international money transfer companies,
cash sales to travelers, and
payment of cash dollars for incoming transfers to the destinations and purposes specified in the Central Bank’s published instructions.”
The Central Bank of Iraq stressed that it has “put external transfer operations and meeting requests for the dollar on sound paths and are consistent with international practices and standards and the law on combating money laundering and the financing of terrorism,” explaining that
“providing the aforementioned channels for all purposes at the official price of the dollar makes this price the real indicator of practices.”
This is proven by the reality of price stability and inflation control, and any other price that is traded outside these channels is considered an abnormal price that is resorted to by those who resort to non-fundamental or illegal practices who stay away from official channels in their dealings.
They alone bear the additional costs by purchasing at a higher price than the official price, in order to deceive others about the difference between the official price and others.”
https://baghdadtoday.news/264127-استعدوا.-سعر-الصرف-على-موعد-مع-ارتفاع-جديد-منصة-بيع-الدولار-ستتوقف-والصدمة-قادمة.html
