Starting Procedures To Limit The Rise In The Exchange Rate Of The Dollar Against The Dinar
The Iraqi Trade Bank decided to expand the scope of the external financial transfer process for merchants. The media expert of the bank, Aqil Al-Shuwaili, said in a statement: “Based on the directions of the Presidency of the Council of Ministers and the Central Bank of Iraq to limit the rise in the exchange rate of the dollar against the dinar in the local markets, and to support the import process in accordance with the legal frameworks and correct and sound contexts to ensure the safety of financial transfer operations, which are positively reflected.” On individual merchants and shop owners, the Trade Bank of Iraq (TBI) decided to take the initiative to expand the scope of the external financial transfer process.
He explained, "This will be done by allowing the aforementioned groups to import consumer goods at the exchange rate of the Central Bank of Iraq 1320 dinars per one dollar, provided that the value of the external transfer for each individual trader per month does not exceed ($100,000 only one hundred thousand dollars)," indicating, "It will be Work on this matter, starting with the bank’s branches in the capital, Baghdad, and the work will be expanded in other branches outside Baghdad soon, according to the instructions of the Iraqi Trade Bank.
Below are the requirements for opening an account for individual merchants and shop owners as follows:
1- Identification documents: Civil status identity, Iraqi nationality certificate or unified national card, housing card, Iraqi passport, or submitting an undertaking to provide us with the passport as soon as it is issued.
2- Submitting what shows the deposited sources of income (sale receipts or contracts for periods not exceeding the previous six months) or any other documents that show that.
3- Submit proof of work address (lease contract or real estate deed).
4- Fill in the Know Your Customer (KYC) form.
5- A valid Chamber of Commerce ID (if any).
6- Provide evidence of the merchant's activity.
7- Submitting an undertaking that the individual trader will not own a company registered now or in the future. https://www.radionawa.com/all-detail.aspx?jimare=35227
The Decline In The Exchange Rate Of The Dollar In Iraq
Economy | 10:56 - 07/30/2023 Baghdad - Mawazine News Today, Sunday, the exchange rates of the dollar recorded a decline in the local markets in Iraq.
The selling price of the dollar was 151,000 dinars per 100 dollars, while the buying price of the dollar was 150,000 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=232333
Adviser To The Prime Minister: Measures To Stabilize The Dollar Exchange Rates
Economy | 02:13 - 07/30/2023 Baghdad - Mawazine News Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced a movement to stabilize the dollar exchange rates, stressing the provision of soft financing operations for importers at the official exchange rate.
Saleh said, "The foreign trade of small traders constitutes the highest number in the import commercial market activity, and its rate may reach 60 percent of the local market's needs for imported goods."
He added, "With the aim of dismantling the monopolistic financing trade ring to finance foreign trade and the entirety of external transfer operations resulting as dangerous mediating forces that carry a lot of colored noise between the small trader and the financing of trade in foreign currency, whether in the position of international compliance or the disposal of foreign currency outside the stability controls,
in addition to its danger in spreading A dangerous pricing pattern based on floating the prices of goods and services at the parallel market exchange rate, which leads to a dangerous transfer of inflation from the exchange market to the general level of prices and endless price disturbances.
Therefore, the Iraqi Trade Bank works with direct openness in providing soft financing operations for small importers and at the official exchange rate outside the loop. the monopolist".
He pointed out, "This matter will lead to providing a flexible commodity supply and help to establish stability in the parallel exchange market, in addition to removing the forces of commercial monopoly from the most dangerous mediation process between small traders and the exchange market, in a way that achieves stable competitiveness in which the parallel exchange rate matches the official exchange rate." gradually". https://www.mawazin.net/Details.aspx?jimare=232351
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