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Association of Banks: Central Bank measures will restore the money market to balance
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Economy News - Baghdad
On Thursday, the Association of Iraqi Private Banks confirmed its support for the Central Bank's measures to control the money market.
The Association's advisor, Samir Al-Nusairi, said in a statement, "Our banks, which were identified by the Central Bank, considered them additional outlets for providing US dollars to traveling citizens, which they need for the purposes of travel and treatment, at the price of 1470 dinars, with borders and a flexible and smooth mechanism throughout the days of the week, in addition to Fridays, Saturdays and official holidays."
He added, "The Central Bank worked to increase the weekly share of these banks to 1,800,000 dollars, and under on-site and field follow-up by the bank," noting that "our banks have always been known for their national and supportive role to support the central bank's measures in the economic crises that Iraq has gone through previously and now." .
He stressed that “the decisions issued by the Central Bank, and the new mechanisms and instructions related to raising interest rates and the special commission for the investment financial products of the Central Bank, so that banks can invest their surplus liquidity with the bank according to special details, and open the windows of forward investment (90 days, 182 days, 364 days) and issue new mechanisms.” For deposits for banks wishing to participate in the currency window, it allows banks to purchase any amounts in foreign currency and deposit them in accounts used for external transfers only, and interest / returns are paid on those balances according to the new mechanism.
He pointed out that "the Central Bank took measures during the past two weeks to increase the supply and provision of the dollar to merchants, businessmen and importers through banking outlets directly without the mediation of intermediaries, which will restore the money market to its balance regardless of any political news, fabrications, fabrications and non-specialized analyzes."
Al-Nusairi explained, "The central bank's assurances of the availability of foreign cash reserves exceeding $96 billion and its ability to supply dollars in sufficient quantities to meet the requirements of demand will inevitably enable it to control the money market quickly."
Al-Nusairi called on the competent government agencies to "assign the Central Bank's procedures in accordance with its tasks and duties contained in its law in force and its previous successful experiences, to control the exchange rate," calling on "the national media with all its visual, audio and print means to support the procedures and decisions issued by the Central Bank."
He pointed out that "the governor of the Central Bank confirmed that the economic situation of our resources from the US dollar cannot be compared to the case of Lebanon and neighboring countries," stressing that "the current rise is temporary and will return to its previous levels, and the Iraqi dinar will continue to be strong and stable."
Views 263
Added 12/29/2022 - 3:46 PM
Updated 12/30/2022 - 1:44 PM
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Economy News - Baghdad
On Thursday, the Association of Iraqi Private Banks confirmed its support for the Central Bank's measures to control the money market.
The Association's advisor, Samir Al-Nusairi, said in a statement, "Our banks, which were identified by the Central Bank, considered them additional outlets for providing US dollars to traveling citizens, which they need for the purposes of travel and treatment, at the price of 1470 dinars, with borders and a flexible and smooth mechanism throughout the days of the week, in addition to Fridays, Saturdays and official holidays."
He added, "The Central Bank worked to increase the weekly share of these banks to 1,800,000 dollars, and under on-site and field follow-up by the bank," noting that "our banks have always been known for their national and supportive role to support the central bank's measures in the economic crises that Iraq has gone through previously and now." .
He stressed that “the decisions issued by the Central Bank, and the new mechanisms and instructions related to raising interest rates and the special commission for the investment financial products of the Central Bank, so that banks can invest their surplus liquidity with the bank according to special details, and open the windows of forward investment (90 days, 182 days, 364 days) and issue new mechanisms.” For deposits for banks wishing to participate in the currency window, it allows banks to purchase any amounts in foreign currency and deposit them in accounts used for external transfers only, and interest / returns are paid on those balances according to the new mechanism.
He pointed out that "the Central Bank took measures during the past two weeks to increase the supply and provision of the dollar to merchants, businessmen and importers through banking outlets directly without the mediation of intermediaries, which will restore the money market to its balance regardless of any political news, fabrications, fabrications and non-specialized analyzes."
Al-Nusairi explained, "The central bank's assurances of the availability of foreign cash reserves exceeding $96 billion and its ability to supply dollars in sufficient quantities to meet the requirements of demand will inevitably enable it to control the money market quickly."
Al-Nusairi called on the competent government agencies to "assign the Central Bank's procedures in accordance with its tasks and duties contained in its law in force and its previous successful experiences, to control the exchange rate," calling on "the national media with all its visual, audio and print means to support the procedures and decisions issued by the Central Bank."
He pointed out that "the governor of the Central Bank confirmed that the economic situation of our resources from the US dollar cannot be compared to the case of Lebanon and neighboring countries," stressing that "the current rise is temporary and will return to its previous levels, and the Iraqi dinar will continue to be strong and stable."
Views 263
Added 12/29/2022 - 3:46 PM
Updated 12/30/2022 - 1:44 PM
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