The Central Bank is considering adopting the currencies of India, the UAE, and Turkey for foreign transfers
The Central Bank is considering adopting the currencies of India the UAE and Turkey for foreign transfersThe Governor of the Central Bank, Ali Al-Alaq, said today, Saturday, that the bank is studying the adoption of the currencies of India, the Emirates, and Turkey in foreign transfers, while he confirmed that there is a response and compliance from the 14 banks sanctioned by the United States to the specified standards.
The Central Bank announces dispensing with external transfer: We will adopt…
The Central Bank announces the dispensation of external transfer: We will rely on licensed banks
Al-Alaq in an interview with the official news agency, followed by Network 964:
The Central Bank views the exchange rate as something directly related to the general level of prices in the country, and that the bank has succeeded in covering the needs of importers at the official rate.
Monetary policy succeeded in maintaining the general level of prices through the most important indicators of inflation, which witnessed a decline, and this is the main matter that the Central Bank focuses on in the success of its monetary policy.
Maintaining the general level of prices and low inflation indicate the success of the monetary policy, especially after real traders engaged in the conversion process at the official price, which gave reassurance in the conduct of foreign trade.
Electronic platform:
At the beginning of its work, the electronic platform witnessed many difficulties that led to the reluctance of some people to enter it, indicating that the implementation rate in the electronic platform has now increased from 20 percent to 95 percent, and this gave reassurance that entering the platform provides speed and safety.
Entering the electronic platform in the external transfer process saves all parties from the risks of exposure to local and international sanctions. We warn against some merchants who cannot work in an organized atmosphere and are looking for chaos. The Central Bank is working to contain this challenge in coordination with the government to besiege these groups that are being… Diagnosis and follow-up.
The Central Bank’s sales, 90% of which are for remittances and external transfers, are proceeding smoothly and at the official price (1320), but the problem lies in the cash side, which represents 10% of internal daily sales.
The ten percent rate is sufficient to meet the needs of travelers, but some are trying to dominate by withdrawing the amount allocated to travelers, which creates pressure and an increase in the cash price, and these parties have been identified as carrying out illegal and criminal operations.
Al-Alaq revealed the development process for the cash sales system allocated to the traveler within a system prepared by exchange companies, and it is being developed to fill the gaps, and does not accept repetition and the unreal traveler,” denying that there is a tendency to stop selling cash dollars to travelers, and that the Central Bank has no problem in covering requests. The correct and legitimate ones are within the categories (travelers – study – treatment – private transfers), as the bank provided this through financial transfer companies represented by (Western Union and Mini Karam).”
Direct transfer:
The electronic platform is now being gradually transitioned to direct transfer between the Iraqi Bank and the correspondent bank, mediated by an international auditing company, as the Central Bank has cut the 60 percent that does not pass through the platform, but rather is a direct transfer.
Next year, the Central Bank will permanently cease being an intermediary in the process, and the electronic platform will end next year and become direct transfer operations as internationally approved. This is a major shift that will put things on the right path, accelerate transfer operations, and intertwine relations with international banks.
The truth about Iraq losing 27 trillion:
The idea of linking the exchange rate to filling the general budget deficit is an inaccurate view, and that the central bank is responsible for determining monetary policy, determining the exchange rate within its existing indicators, and achieving the goal of monetary policy.
The calculation process for those who say that Iraq lost 27 trillion from the exchange rate change difference is wrong, and 30 percent of oil revenues do not enter the Central Bank, because the Ministry of Finance uses them for external payments, while the second part is that the exchange rate should not be linked to achieving balance. In the budget.
US Treasury:
During her visit to Iraq, the US Assistant Secretary of the Treasury praised the measures taken by the Central Bank to organize the external transfer process, implement compliance rules, combat money laundering and terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is very great American satisfaction in this context.
Sanctions on banks:
The Central Bank is conducting a review and audit process to diagnose violations against the 14 banks that were imposed restrictions and deprivation of obtaining the dollar, “as the Central Bank indicated the presence of a response and compliance from the 14 banks to the specified standards.”
The American side does not restrict demand for the dollar, and there is coordination regarding cash shipments through an annual agreement on the number of shipments and their dates.
The Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which has recorded a significant increase over the past months, and this is a good indicator that reduces the focus on the use of cash, and reduces the hassle of checking with companies to obtain cash dollars.”
Regulating trade with Iran:
There are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements.
The Central Bank will reach a clear formula in regulating the trade process, especially since part of it is through barter.
There is an agreement to settle the debts incurred by Iraq from Iranian gas imports through a new method through which these amounts are paid.
Adopting new currencies:
There is work to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries we deal with.
The trade balance with India amounts to $3 billion, and there are also high numbers for imports from the Emirates and Turkey.
The Central Bank has reached advanced stages of understanding in adopting the currencies of these countries, which will facilitate the external transfer process.
Dinar support campaign:
The campaign to support the Iraqi dinar is multi-faceted and multi-party. Its goal is the sovereignty of the local currency in internal transactions instead of foreign currencies, which are being limited. There is a gradual transition process within the Prime Minister’s directive to limit dealing in the Iraqi dinar internally, and oblige companies to do so, a large percentage of which responded.
Industrial initiative and housing loans:
The industrial initiative has not stopped, but the amounts approved for it have been exhausted, with the volume of loaned initiatives amounting to more than 13 trillion dinars.
The Central Bank raised the interest on the housing initiative to 2 percent, which is a low rate compared to international countries.
The stated interest does not include complexes that have received previous payments, while it includes new complexes.
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