Wednesday, December 25, 2024

DOLLAR AUCTION.. WHAT IS THE TRUTH ABOUT STOPPING THE CENTRAL BANK’S PLATFORM FOR CURRENCY CONVERSION? WITH NT GOAT COMMENTS, 25 DEC

 DOLLAR AUCTION.. WHAT IS THE TRUTH ABOUT STOPPING THE CENTRAL BANK’S PLATFORM FOR CURRENCY CONVERSION?

A responsible source in the Central Bank of Iraq revealed, on Monday evening, the truth about stopping the Central Bank’s platform for currency transfer starting today.

The source told Shafak News Agency, “The talk about the official suspension of the Central Bank’s platform for the currency transfer window, on today’s date 12/23/2024, is incorrect. Today, the auction worked normally and there is no official decision to suspend it so far.”

The source, who requested anonymity, added, “This platform will be stopped at the end of this year, according to what the bank officially announced. This does not mean stopping transfer operations, as some are trying to promote.

However, after this step, there will be direct dealings between banks and correspondent banks, and not canceling transfer operations, as is being promotedThe issue is not limited to specific banks, but rather the process will be much broader.”

The responsible source in the Central Bank stated that “many Iraqi banks have the capabilities to deal directly with correspondent banks and operate in accordance with the work of advanced global banking sectors.”

(The Central Bank of Iraq must break the parallel market (black market) in selling dollars and get them in line with the “official” rate of the Central Bank. This is critical to the process and the next step. The step we all want to happen) 


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