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The central bank, the correspondent bank, and reassurance of the merchant
Economical 12/19/2024
Hussein Thaghb
Those who follow the reality of the Iraqi market indicate that there are great fears among the economic and commercial circles in particular about the continuation of their foreign trade in light of the decision of the Central Bank of Iraq to cancel the external transfer platform, through which the receivables of factories and international companies that deal with the Iraqi merchant are secured.
External transfer operations go through several stages, the
first of which was called the currency auction and
then the currency sale window.
Since 2003, the platform has been adopted,
leading to the “enhancement” stage that begins at the beginning of next year,
which will adopt transfer mechanisms with international standards that do not allow tampering with Iraqi funds and the country’s wealth..
All these stages that external transfer operations went through were regulatory stages, as
the new stage works to
avoid the defects of the previous one and
regulate the money transfer process,
which was accompanied by many doubts,
leading to the “strengthening” stage by adopting a solid global correspondent bank with a precise working mechanism that adopts the principles of external transfer.
When we traced the current working mechanism, we found that the
current Central Bank transfers have actually begun to adopt the new phase, “enhancement”, as we learned that the mechanism of work of
“enhancement” is not surrounded by any complexity, but rather
has high flexibility, and its
requirements are characterized by ease and are
in effect now, and this gives the transformation mechanism flexibility and
is completed.
Transfers occur without glitches and the
local market is not affected, as the
mechanism is pre-approved. Here, the
banks that have a reliable correspondent will have a role in the transfer by adopting the reinforcement mechanism, and
their number is limited,
despite the fact that the directives of the Central Bank of Iraq directed private banks from the beginning of the year to have a reliable global correspondent bank to complete the transfer process in an integrated manner between a local bank and an international bank in accordance with international standards. Providing service to the Iraqi importer.
Iraq, despite the development in financial performance and the insistence of the government and the Central Bank on adopting advanced systems, especially electronic payment, which was found in Iraq more than a decade ago and we have come a long way,
confidence in the Iraqi financial sector requires greater work, as
some banks are facing difficulty in obtaining a bank. Global correspondent.
Banks operating and not sanctioned today have a new regulatory order that requires the presence of an external correspondent, a “reliable global bank.”
Most banks have failed to implement this matter, which requires the intervention of responsible parties that are supposed to have strong relationships with major international banks, especially since
the central bank prefers Dealing with well-established correspondents who adhere to standard performance standards. And the rest of the conversation.
https://alsabaah.iq/107454-.html
Economical 12/19/2024
Hussein Thaghb
Those who follow the reality of the Iraqi market indicate that there are great fears among the economic and commercial circles in particular about the continuation of their foreign trade in light of the decision of the Central Bank of Iraq to cancel the external transfer platform, through which the receivables of factories and international companies that deal with the Iraqi merchant are secured.
External transfer operations go through several stages, the
first of which was called the currency auction and
then the currency sale window.
Since 2003, the platform has been adopted,
leading to the “enhancement” stage that begins at the beginning of next year,
which will adopt transfer mechanisms with international standards that do not allow tampering with Iraqi funds and the country’s wealth..
All these stages that external transfer operations went through were regulatory stages, as
the new stage works to
avoid the defects of the previous one and
regulate the money transfer process,
which was accompanied by many doubts,
leading to the “strengthening” stage by adopting a solid global correspondent bank with a precise working mechanism that adopts the principles of external transfer.
When we traced the current working mechanism, we found that the
current Central Bank transfers have actually begun to adopt the new phase, “enhancement”, as we learned that the mechanism of work of
“enhancement” is not surrounded by any complexity, but rather
has high flexibility, and its
requirements are characterized by ease and are
in effect now, and this gives the transformation mechanism flexibility and
is completed.
Transfers occur without glitches and the
local market is not affected, as the
mechanism is pre-approved. Here, the
banks that have a reliable correspondent will have a role in the transfer by adopting the reinforcement mechanism, and
their number is limited,
despite the fact that the directives of the Central Bank of Iraq directed private banks from the beginning of the year to have a reliable global correspondent bank to complete the transfer process in an integrated manner between a local bank and an international bank in accordance with international standards. Providing service to the Iraqi importer.
Iraq, despite the development in financial performance and the insistence of the government and the Central Bank on adopting advanced systems, especially electronic payment, which was found in Iraq more than a decade ago and we have come a long way,
confidence in the Iraqi financial sector requires greater work, as
some banks are facing difficulty in obtaining a bank. Global correspondent.
Banks operating and not sanctioned today have a new regulatory order that requires the presence of an external correspondent, a “reliable global bank.”
Most banks have failed to implement this matter, which requires the intervention of responsible parties that are supposed to have strong relationships with major international banks, especially since
the central bank prefers Dealing with well-established correspondents who adhere to standard performance standards. And the rest of the conversation.
https://alsabaah.iq/107454-.html
