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[size=36]Central Bank: The exchange rate of the dollar is more than 1,500 dinars, which we see as normal and reasonable[/size]
Economie| 09:47 - 12/14/2022
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Baghdad - Mawazine News
Today, Wednesday, the Central Bank of Iraq clarified the mechanism of the auction for selling foreign currency in the current period, and while commenting on the high exchange rate of the dollar, the US Federal Bank confirmed the imposition of strict conditions and restrictions on the sale of the dollar.
The adviser to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said during a symposium at the Iraq Book Fair, "The window for selling the currency has a set of functions, the first of which is achieving stability at the exchange rate, and the second is meeting the requirements of foreign trade from companies, merchants, the economic sector and the public."
He added, "The Iraqi commodity sector is unable to provide the requirements of the local market, which expanded the import," explaining, "The Ministry of Finance sells to the Central Bank the dollar coming from the state's imports, and the bank gives finance the value of the dollar sold to it in Iraqi dinars to manage the requirements of the state's work, and a sale window." Foreign currency is the only way to call the Iraqi dinar from the market towards the state’s finances, and stopping the window will create a problem of the lack of a local currency to buy the dollar coming from Iraq’s imports, such as oil, and the window meets 87% of the commodity import requirements for Iraq.
And he warned that “stopping the sale of foreign currency will force us to print more national currency, which will increase the dinar issued for circulation per month, and this measure will force the bank to print the amount of salaries, which is estimated at 7 trillion dinars per month and reaches 100 trillion annually, and printing without a dollar amount will cause great damage to the economy.” ".
And about the fate of what is sold, he explained that “less than 15% of the foreign currency sold in the central bank is demarcated as goods and passes through the customs authority, and more than 80% of the value of the sold is entered as imported materials that change their identity in customs and ports, and change during which imported materials are demarcated in a different way.” For example, if you enter, for example, alcoholic beverages or extravagant goods and are painted as vegetables, fruits, or children's clothes, with the aim of exempting them from taxes.
Al-Yasiri pointed out that "there are unofficial outlets through which smuggled goods pass, either under the protection of people or enter in crooked ways, and it is assumed that 18 trillion dinars will enter the state treasury, the value of taxes and fees collected annually, and what is collected amounts to 3 trillion dinars only."
On how to lose the difference, he stressed, "What enters Iraq as the value of imported goods must be parallel to the dollar sold from the window, and verifying that is in the hands of the customs and tax authorities."
On the rise in the exchange rate and its reasons, Al-Yasiri said: “The central bank has recently created a platform for the currency sale window to which authorized banks submit requests to purchase in the name of persons, and the names are considered over a week, and the bank decides its position a day before the date of the auction for the sale of the currency submitted for purchase in it after applying the conditions It includes people submitting dollar purchase requests to licensed banks and confirming the type of commodity and the need to be purchased and details of the beneficiary. The name of the seller and the name of the person requesting the purchase must be mentioned, and the name is entered in a global system called (OFAC) to indicate if it is required or has problems, as well as communication with The entity selling the imported goods to verify its dealings with the person requesting the purchase of the dollar," pointing out that "on some days, the percentage of rejected requests reached 40% due to their non-conformity with the conditions."
He added, "The US Federal Bank, for its part, has set strict conditions recently that oblige us to display lists of dollars sold on it that include the names of the people and beneficiaries, and it takes 15 days to state the Federal Bank's position on the integrity of the purchase process for the party submitting the request, and the sale process stops if the Federal Bank objects." On a specific name because it is wanted, or there is a similarity of names, or there is a suspicion of the purpose of buying the dollar.
And he continued, “The Federal Bank is in the process of adding 3 oversight bodies to dollar sales to check its destination after the sale, and they say that they are checking to prevent it from reaching terrorist or prohibited parties. Iraq by applying these standards to prevent the issuance of a decision to stop the flow of dollars to Iraq because it will cause a catastrophe, and the sale of dollars in Iraq is subject to strict supervision by the US Federal Bank because it is the issuer of dollars.
And he stressed, "The exchange rate of the dollar is more than 1,500 dinars, which we see as normal and reasonable based on what we mentioned of strict determinants, and there is no problem with the central bank in providing dollars for sale through the currency auction."
On the internal debt, Al-Yasiri said: "The Ministry of Finance has an internal debt amounting to 69 trillion dinars, 44 trillion of which is for the central bank and 25 trillion for the banking sector."
Today, Wednesday, the Central Bank of Iraq clarified the mechanism of the auction for selling foreign currency in the current period, and while commenting on the high exchange rate of the dollar, the US Federal Bank confirmed the imposition of strict conditions and restrictions on the sale of the dollar.
The adviser to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said during a symposium at the Iraq Book Fair, "The window for selling the currency has a set of functions, the first of which is achieving stability at the exchange rate, and the second is meeting the requirements of foreign trade from companies, merchants, the economic sector and the public."
He added, "The Iraqi commodity sector is unable to provide the requirements of the local market, which expanded the import," explaining, "The Ministry of Finance sells to the Central Bank the dollar coming from the state's imports, and the bank gives finance the value of the dollar sold to it in Iraqi dinars to manage the requirements of the state's work, and a sale window." Foreign currency is the only way to call the Iraqi dinar from the market towards the state’s finances, and stopping the window will create a problem of the lack of a local currency to buy the dollar coming from Iraq’s imports, such as oil, and the window meets 87% of the commodity import requirements for Iraq.
And he warned that “stopping the sale of foreign currency will force us to print more national currency, which will increase the dinar issued for circulation per month, and this measure will force the bank to print the amount of salaries, which is estimated at 7 trillion dinars per month and reaches 100 trillion annually, and printing without a dollar amount will cause great damage to the economy.” ".
And about the fate of what is sold, he explained that “less than 15% of the foreign currency sold in the central bank is demarcated as goods and passes through the customs authority, and more than 80% of the value of the sold is entered as imported materials that change their identity in customs and ports, and change during which imported materials are demarcated in a different way.” For example, if you enter, for example, alcoholic beverages or extravagant goods and are painted as vegetables, fruits, or children's clothes, with the aim of exempting them from taxes.
Al-Yasiri pointed out that "there are unofficial outlets through which smuggled goods pass, either under the protection of people or enter in crooked ways, and it is assumed that 18 trillion dinars will enter the state treasury, the value of taxes and fees collected annually, and what is collected amounts to 3 trillion dinars only."
On how to lose the difference, he stressed, "What enters Iraq as the value of imported goods must be parallel to the dollar sold from the window, and verifying that is in the hands of the customs and tax authorities."
On the rise in the exchange rate and its reasons, Al-Yasiri said: “The central bank has recently created a platform for the currency sale window to which authorized banks submit requests to purchase in the name of persons, and the names are considered over a week, and the bank decides its position a day before the date of the auction for the sale of the currency submitted for purchase in it after applying the conditions It includes people submitting dollar purchase requests to licensed banks and confirming the type of commodity and the need to be purchased and details of the beneficiary. The name of the seller and the name of the person requesting the purchase must be mentioned, and the name is entered in a global system called (OFAC) to indicate if it is required or has problems, as well as communication with The entity selling the imported goods to verify its dealings with the person requesting the purchase of the dollar," pointing out that "on some days, the percentage of rejected requests reached 40% due to their non-conformity with the conditions."
He added, "The US Federal Bank, for its part, has set strict conditions recently that oblige us to display lists of dollars sold on it that include the names of the people and beneficiaries, and it takes 15 days to state the Federal Bank's position on the integrity of the purchase process for the party submitting the request, and the sale process stops if the Federal Bank objects." On a specific name because it is wanted, or there is a similarity of names, or there is a suspicion of the purpose of buying the dollar.
And he continued, “The Federal Bank is in the process of adding 3 oversight bodies to dollar sales to check its destination after the sale, and they say that they are checking to prevent it from reaching terrorist or prohibited parties. Iraq by applying these standards to prevent the issuance of a decision to stop the flow of dollars to Iraq because it will cause a catastrophe, and the sale of dollars in Iraq is subject to strict supervision by the US Federal Bank because it is the issuer of dollars.
And he stressed, "The exchange rate of the dollar is more than 1,500 dinars, which we see as normal and reasonable based on what we mentioned of strict determinants, and there is no problem with the central bank in providing dollars for sale through the currency auction."
On the internal debt, Al-Yasiri said: "The Ministry of Finance has an internal debt amounting to 69 trillion dinars, 44 trillion of which is for the central bank and 25 trillion for the banking sector."
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