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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    A look at the mechanism for financing trade using the official dollar.. Are the Central Bank’s opera

    Rocky
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    Bank - A look at the mechanism for financing trade using the official dollar.. Are the Central Bank’s opera Empty A look at the mechanism for financing trade using the official dollar.. Are the Central Bank’s opera

    Post by Rocky Fri Feb 09, 2024 6:35 am

    A look at the mechanism for financing trade using the official dollar.. Are the Central Bank’s operations running smoothly?

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    Baghdad today - Baghdad
    Today, Thursday (February 8, 2024), economic affairs researcher Haider Al-Sheikh revealed the extent of the smoothness of the process of selling foreign currency and financing foreign imports by the Central Bank of Iraq.
    Al-Sheikh told "Baghdad Today", "The Central Bank of Iraq sells approximately 200 million dollars through the buying and selling window of foreign currency per day, and reaches more than 3 billion dollars per month, and 80% of sales are transferred abroad in the form of transfers and credits."
    He added: “In the past, the transfer process was taking place with great smoothness, and then it faced some obstacles from the US Treasury in the last months of 2023, as some merchants, after submitting official papers to the bank, purchased dollars at the official rate, they were surprised, after a month, that the transfers were rejected for unknown reasons due to politics.” Which was placed by the US Treasury on the electronic platform.
    He pointed out that “the Central Bank is able to meet all needs and requests for foreign currency, especially the dollar, given that the financial revenue of the dollar reaches more than 8 billion dollars per month, that is, 40% of the financial revenue is transferred abroad through the electronic platform for purchasing goods and products.” necessary and unnecessary.
    He continued, "If the Iraqi trader today wants to obtain the dollar, he goes to the central bank and buys the dollar at the official price according to the mechanism set by the bank to participate in the window for buying and selling foreign currency. However, there are a number of merchants who evade the platform and buy the dollar from the parallel market for fear of the tax." Or for the dollar to be smuggled abroad, especially to neighboring countries.”
    Earlier, the Governor of the Central Bank, Ali Al-Alaq, confirmed that “the Central Bank is in a comfortable position to respond to requests to buy the dollar and we have sufficient reserves. On the other hand, there are some countries that do not have sufficient reserves to respond to the demand, and thus they have a large difference in the price between the parallel and the official price.”
    Regarding providing the dollar to travelers, Al-Alaq said, “After the experience we had in how to sell the dollar to travelers and citizens, we found many observations, including that it is difficult for the real traveler to obtain the dollar, and therefore we had a meeting in this regard, and we will finalize a new mechanism after developing its programs related to this.” The subject, according to which only the real traveler will receive the dollar.”
    He stated, "One of the things that helped calm and reassure the market is the stability of the exchange rate and the central bank's provision of payment options after currencies such as the euro, the dirham, the Turkish lira, and the Indian rupee, which are expanding."
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