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Financing foreign trade
Economical 02/28/2024
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Muhammad Sharif Abu Maysam
Banking institutions and other financial institutions, such as insurance companies, play a prominent role in financing foreign trade, as their role is not only limited to providing services for financial transfers in the field of foreign trade and reducing payment risks, but also applies to the applications of the concept of financing as a tool to support competitiveness and facilitate business management. Trade to include all large, medium, small and micro projects that contribute to achieving self-sufficiency in goods, and thus stimulating trade and the ability to export, meaning that the concept of “foreign trade financing” involves a financial activity based on providing direct or indirect support to trade as
As a result of a good business environment.
Hence, what is being said about canceling the currency auction in the Central Bank as the approved tool for organizing the financing of foreign trade in hard currency over a period of more than twenty years, and moving to the first stages of managed flotation, by transferring the responsibility for financing to banks directly through the foreign currency they own. It is, in fact, a financial activity that involves a privilege that must be conditional, as banks that have qualified for electronic financial exchanges with correspondent banks abroad are usually characterized by accuracy and compliance with international banking standards after they gained the trust of those in charge of monetary policy in the country through the standards of successful banking work. Foremost among these is the advantage of working in a comprehensive banking system, as a bank that reaches the level of opening documentary credits and conducting external transfers electronically cannot be achieved unless it enjoys what any international bank enjoys, such as providing all available electronic payment services, and ensuring the presence of an electronic mechanism for auditing invoices and transfer operations. With the Money Laundering Office at the Central Bank, in addition to the importance of the bank’s capital approaching a level that exceeds the volume of transactions, or at least 450 billion dinars before the end of the year 2024, as stated in the Central Bank’s instructions in this regard, and that the bank is committed to the legal reserve and to the instructions of the Money Laundering Office. He had never witnessed such delay before
In paying public deposits.
In view of this, there must be a real evaluation of credit rates, as they are the most important pillar of banking work, which makes a serious contribution to supporting the sustainable development that everyone demands, through a fair circulation of the monetary mass issued between deposits and credit rates, and supporting economic projects in the business environment, in a way that contributes to financing.
Internal and external trade.
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