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[size=30]Saleh: Great question marks on mechanisms to convert foreign currency to Iraq[/size]
10/12/2017 02:13 | Number of readings: 102
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Trend Press / Baghdad
The appearance of Mohammed Saleh, the economic adviser to the Prime Minister there are significant question marks on the mechanisms to convert foreign currency to Iraq.
"There is a question mark on the currency sign caused by confusion between the implementation of monetary policy of the central bank to control the liquidity levels and at the same time trade finance, which led to the creation of this ambiguity," Saleh said in a press statement.
"If the Iraqi government finances its trade through documentary credits, why not finance the private sector in the same way," he said, pointing out that "the argument of not funding is that there are no possibilities to download documentary credits as a more transparent tool in trade finance. There are not a number of international correspondents cooperating with Iraq to create or Open these credits, because of the long isolation of the sector of the Iraqi bank. "
He added that "the Central Bank has a project to rebuild the institution to finance the foreign trade of the private sector by opening the establishment of the so-called Cdbank, which is a collective bank, which contributes to all Iraqi banks, civil and government banks to finance foreign trade."
He pointed out that "the acquisition of a currency under the pretext of financing trade causes monopoly," pointing out that "an alternative to this by rebuilding new criteria for financing the private sector through the establishment of a large bank to finance this sector."
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Anyone... I don't get this. Over my head.
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