Finance’ identifies steps to be taken before canceling currency sale window in Iraq
Shafaq News / The Parliamentary Finance Committee confirmed, on Saturday, that the Central Bank of Iraq has taken a decision to cancel the currency sale window, pointing to the need to take steps before the implementation of this decision.
“There is a decision issued by the Central Bank to cancel the window of selling and selling foreign currency in 2024, but it did not specify the exact time to initiate the decision,” a member of the parliamentary finance committee, Hussein Mounis, told Shafaq News.
He explained that “the cancellation of the currency sale window is linked to the dependence of civil banks on correspondence with international banks and the method of currency conversion.”
This comes after the Central Bank of Iraq abandoned its status as a “reporter” and granted it to several foreign banks, a move that is unclear and results and some observers have warned of.
In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of supplying the dollar inside through the accounts of Iraqi banks abroad.
“This step must be preceded by the high rating of Iraqi banks, and this is what qualifies them to deal with international banks, but the real problem we face is that Iraqi banks do not have correspondent and uncredited abroad,” Mounis asserts.
The member of the parliamentary finance pointed out that “the government and the central bank seek to strengthen and increase the classification of civil banks,” noting “the intention of banks to enter into correspondence and foreign transfers.”
https://shafaq.com/ar/اقتصـاد/المالية-تحدد-خطوات-يتعين-اتخاذها-قبل-الغا-نافذة-بيع-العملة-في-العراق
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