Economist: The Window For Selling The Currency Ends In 2024, And The Central Bank Will Devote Itself To Supervision, 12 FEB

 Economist: The Window For Selling The Currency Ends In 2024, And The Central Bank Will Devote Itself To Supervision

Time: 02/12/2024 20:44:48 Read: 234 times  {Economic: Al-Furat News} The economic expert, Abdul Rahman Al-Sheikhli, confirmed today, Monday, the end of the window for selling the currency during 2024, and the Central Bank will devote itself to supervision.

Al-Sheikhli said {to Al-Furat News} that: “The window for selling the currency is about to end during the year 2024, and cash sales are now few in relation to remittances, and there are more than 200 million dollars transferred for the purposes of importing goods from abroad according to the method of documentary credits, and this process excludes many problems.”

He added, "The Central Bank of Iraq decided to end the currency window process and adopt correspondent banks as an alternative. There will be a new mechanism to provide currency for transfers without returning to the currency window or the electronic platform." 

Al-Sheikhly believes, “This mechanism will save a lot of effort and external relations. Therefore, the Central Bank will devote itself to the role of supervision and auditing and not enhancing the balances. It will also absolve itself of responsibility for the import process according to its law.”

He added, "There will be more than one external correspondent bank in different currencies according to the trade imported from the source. This will eliminate the problems, the most prominent of which is the process of leakage of funds from the Central Bank and banks to prohibited parties."  LINK