What is the importance of the “electronic platform” in the Iraqi Central Bank’s transactions? A specialist explains
Today, Saturday (October 21, 2023), banking affairs specialist Hammam Al-Shamaa revealed the importance of the “electronic platform” in the Central Bank’s transactions to sell the dollar.
Al-Shamaa told “Baghdad Today” that “there is great importance in using the (electronic platform) in the Central Bank’s dealings with the sale of the dollar,” noting that “this platform prevented many illegal sales of the dollar as was happening previously, and it also prevented "A lot of currency smuggling operations abroad."
He explained that "Iraq cannot stop working on the electronic platform, because it was imposed on it by the US Federal Reserve, and this imposition came in order to prevent any incorrect external transfers, whose goal is only to transfer the dollar to Iraq."
Al-Shamaa confirmed, “After working on this platform, many of these operations were stopped, and for this reason some people began to rely on black transfers through some companies to extract dollars.”
On May 10, 2023, the Central Bank confirmed that it would continue to meet companies’ requests and finance the personal needs of all citizens.
A statement from the Central Bank, received by (Baghdad Today), said, “The bank continues to meet companies’ requests (financing their imports of goods and services), in addition to financing the personal needs of all citizens, such as travel, treatment, and study, through the electronic cash platform, and meeting the requests of banks and electronic payment companies to enhance... Their balances are to cover electronic payment card settlements (Visa, MasterCard) at the official exchange rate of 1,320 dinars per dollar.”
On (February 19, 2023), the Central Bank of Iraq announced a directive to licensed banks, exchange companies, and brokerage companies buying and selling foreign currency, to apply via the electronic platform to obtain their prescribed share of the foreign currency “dollar.”
According to a document issued by the Iraqi Central Bank, it stated, “The electronic platform for the cash sale of foreign currency (FITR) must be approved as of Monday, February 20, 2023.” link
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