How will foreign trade be financed after the cancellation of the electronic platform? The Iraqi Central Bank answers
Today, Tuesday, the Central Bank of Iraq revealed the mechanism for financing foreign trade after canceling the electronic platform and currency auction that the Central Bank intends to implement soon.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in an interview followed by Al-Iqtisad News, “The Central Bank of Iraq is heading to cancel the electronic platform and the currency auction soon.”
He explained that "the banks will be responsible for financing foreign trade directly through the dollars they own, and they will be fully responsible for auditing invoices and transfers, which is the practice globally."
With this step, the Central Bank of Iraq intends to “withdraw itself” from the process of financing foreign trade and make the process limited to banks inside Iraq.
Among the American correspondent banks, which will be responsible for financing the requests of these banks among themselves after reviewing the private documents, and the Central Bank of Iraq not entering as a party in this case link
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