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Today, Tuesday, the Central Bank of Iraq issued recommendations to merchants and banks about exchange rates .
The media office of the bank stated, in a statement received by the Iraqi News Agency (INA), that "the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days, from temporary pressures resulting from internal and external factors.” .
He added, “Given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.”
The Central Bank called on “merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”
The Central Bank stressed, "Banks must shoulder their responsibilities in facilitating established and expiring procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the legal requirements."[/size]
[You must be registered and logged in to see this link.]
Today, Tuesday, the Central Bank of Iraq issued recommendations to merchants and banks about exchange rates .
[You must be registered and logged in to see this link.]
[size]The media office of the bank stated, in a statement received by the Iraqi News Agency (INA), that "the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days, from temporary pressures resulting from internal and external factors.” .
He added, “Given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.”
The Central Bank called on “merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”
The Central Bank stressed, "Banks must shoulder their responsibilities in facilitating established and expiring procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the legal requirements."[/size]
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