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Amid indications to change the dollar map in Iraq ... What does the Central Bank intend?
2020-10-15
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Yes Iraq: Baghdad
Fears have been mounting for days about the presence of indications of the government's intention to raise the exchange rate of the dollar against the Iraqi dinar, for several reasons, including the Central Bank's statements about the decline in the currency reserves and the decline in oil imports from the dollar, in addition to the fact that raising the exchange rate may help the government to provide financial liquidity from the Iraqi dinar.
Yesterday, the local markets witnessed a rapid increase in the dollar’s exchange rate, as it reached 125,000 dinars in some exchanges against one hundred dollars.
However, the Governor of the Central Bank, Mustafa Ghaleb, is terrifying, and after his statements yesterday about the decline in the hard currency reserves in the bank, he returned to confirm today that there are efforts to ensure the stability of domestic prices.
Mukhaif stated in a press statement, followed by “Yis Iraq,” that “the future vision for the work of the Central Bank of Iraq is centered in light of the economic crisis through the goals that it seeks to achieve and specified under its amended Law No. 56 of 2004, the most important of which are (ensuring domestic price stability and strengthening A stable, competition-based financial system), to continue achieving the strategic goals set out in the 2016-2020 plan.
He added, “To this end, the bank recently put forward the terms of the reform paper for the banking sector, which has been initiated now, because of its importance in developing banking services and products in the next stage, and through it the banking sector will be supported to advance its current reality, and a group of The specific criteria adopted by the bank and on the basis of which the operating banks have been classified, ”indicating that“ this classification will be reviewed by the end of this year, and this will continue for the following semesters. ”
The governor of the Central Bank stated: “This step comes within the framework of strengthening confidence in the banking sector and improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector.” Their conditions and the payment of dues to their customers, ”stressing that“ this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders owed by those banks. ”
Al-Rafidain returns the selling window
For his part, Rafidain Bank announced the re-operation of the currency sale window, while directing the exchange companies to enter the window of the currency auction in dollars provided by the bank.
The media office of the bank said in a statement, which "Yes Iraq" received a copy of, that "the bank decided to re-operate the window for selling currency in dollars to banking companies."
He called on those companies to review the main branch of the bank in Baghdad, Al Shorja, to see the conditions and instructions for selling currency, which are easy and easy terms and bring benefits and positivity to companies.
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Last edited by Proven on Thu 15 Oct 2020, 7:18 am; edited 1 time in total
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