00:03 - 2022-12-26
Today, Sunday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, identified new reasons for the rise in the exchange rate in the local markets, and while he revealed the existence of monopolistic activity within the market, the work of the monetary authority confirmed the stability of the exchange market with two paths.
Saleh said in a press statement, “The slight fluctuations in the exchange rate outside the current central rate have come for internal and external reasons,” stressing that the internal reasons are related to the monetary dollar, according to which the foreign currency window of the Central Bank supplies offices, exchange companies, and banks annually with about 10 billion dollars for purposes. Travel and tourism, and it is a large number in filling the needs of the local market for the purposes of travel in cash.”
He added that "a monopolistic activity within the market acts outside the regulatory controls stipulated in the Anti-Money Laundering Law."
He pointed out that "the monetary authority is working to stabilize the exchange market in two tracks: the first: is represented by monitoring the exchange market to ensure the flow of foreign exchange from the dollar to the beneficiaries of the travelers, so that the share of one traveler has become 5 thousand dollars instead of 3 thousand dollars, with the possibility of collecting 10 thousand dollars for purposes The treatment is for a single traveler as well, and this was accompanied by the opening of official outlets within the branches of government banks to provide citizens with foreign currency at the official rate in order to create an atmosphere of competition in the sale of foreign currency by expanding the money supply in dollars.
And that "the second track relates to the dollar transferred through the window of the Central Bank abroad, which aims to finance foreign trade for the private sector, as these transfers to banks abroad constitute approximately 90% of the total demand for foreign currency through the window of the Central Bank of Iraq."
Salih revealed that there are objections from international compliance control regarding some transfers of incomplete information that private banks present to foreign currency for the benefit of their customers and for their own, stressing that "a number of transfers issued by requests from some private banks were rejected, especially since the platform through which transfer transactions pass It is the external entity that undertakes the rejection of incorrect requests, which are monitored by the global compliance circles.
He noted that "foreign reserves have become the strongest in Iraq's financial history, and its balance has perhaps exceeded one hundred billion dollars, which means there is no fear or concern about Iraq's financial capabilities in imposing stability in the dinar exchange rates as long as the matter is related to administrative and organizational affairs in dealing with external transfer and foreign currency trading." ".
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