What are the objectives of expanding foreign transfer channels by the Central Bank of Iraq?
Economic expert Alaa Al-Fahd revealed, today, Thursday (December 19, 2024), the goal of the Central Bank of Iraq in expanding external transfer channels for local banks.
Al-Fahd said in an interview with Baghdad Today, "Within the Central Bank's policy and its continuous attempts to control foreign transfers to finance trade, especially in dollars, there is a continuous effort to expand the basket of foreign currencies used in imports, especially with countries with which we have import dealings, the transfer is in the currencies of the countries, and there was an agreement on this with the Turkish side, as well as the Emirates, China, and today with Jordan and Saudi Arabia."
He explained that "this step reduces the demand for the dollar to finance foreign trade, as most of the demand for the dollar is to finance foreign trade, and with the expansion of the currency basket, the pressure in the parallel (black) market on the dollar decreases, and this reduces the exchange rate in the local market."
He added, "This step will also allow many banks to deal with many countries according to the currencies of those countries, and this will enhance a major role in developing the work of banks in terms of experience. Its main goal is to control the dollar exchange rate and work to reduce it." link
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