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Government Advisor: Adopting auditing of foreign transfers contributes to stability of the exchange market and price level

7/22/2024

 

Baghdad - WAA - Nassar Al-Hajj

 

The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, confirmed today, Monday, that the approval of an auditing company for foreign transfers is a positive lever that ensures the integrity of compliance operations and the speed of job performance, while he indicated that this will achieve two basic operational objectives for monetary policy.

Saleh told the Iraqi News Agency (INA): "The approval of an auditing company for foreign transfers is a positive lever that ensures the integrity of compliance processes and the speed of functional performance of the activities of the external sector of the economy in relation to all market transactions, especially those related to foreign transfers, which will provide a guarantee that foreign transfer activities in foreign currency are consistent with the stated purposes of the regulatory authorities and the beneficiary entities to which the transfer is made through compliance means."

He added that "this step is a clear piece of information that strengthens the efficiency of the money market as an information market and is affected by the efficiency of that information towards the stability of transactions and raising the level of certainty in them, after the development of the resumption of external transfer transactions funded in foreign currency to various global trade areas with high governance, quality and high disclosure without interruption, which will provide monetary policy at the same time with  a guarantee to achieve two basic operational objectives of monetary policy in building a stability base in the general price level within achieving the intermediate objectives of the policy itself in price stability, the first is to maximize the effectiveness of controlling local liquidity and controlling growth levels in the money supply at accelerating rates without slowing down, in addition to controlling the components of the basis, and the second contributes to the stability of the exchange market itself and gives it positive signals on the availability of a broader role for the official exchange market and the superiority of its positive effects through the sufficiency of its information in containing the colored noise of the parallel market."

He added that "both of the above operational objectives are linked to the role of monetary policy in stabilizing the general price level, containing inflationary expectations, and imposing guarantees for stable real flows through the stability of the external value of money and its compatibility with the stability of the speed of money circulation internally and the general function of the demand for money in the joints of the national economy."

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