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The Central Bank clarifies the mechanism for establishing the Sovereignty Fund and talks about the “currency auction”
[ltr]2022.07.18 - 18:23[/ltr]
[ltr]2022.07.18 - 18:23[/ltr]
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[size=20]Today, Monday, the Central Bank said that the window for selling the currency was found to facilitate the financing of foreign trade in the main, explaining the mechanism for establishing the Sovereignty Fund. [/size]
The Deputy Governor of the Central Bank, Ammar Khalaf, said, in a statement to the official agency, and followed by “Nas” (July 18, 2022): “The bank’s management called for the necessity of allocating a sovereign fund to benefit from the financial abundance of the state,” explaining that “the decision of the sovereign fund is affiliated with the Iraqi government.” and the Ministry of Finance, primarily.
Khalaf added, "The Central Bank contributes to the management of this fund."
On the currency sale window, the deputy governor confirmed that "the currency sale window was found to facilitate the financing of foreign trade in the basic degree."
He stressed, "Exports of currency are an economy that depends primarily on imports, and it is a channel for providing foreign currency in order to provide goods and services, in addition to selling currency to citizens through banks and exchange companies."
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