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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Financial advisor: 93% of the demand for dollars goes abroad

    Rocky
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    • Post n°1

    Financial advisor: 93% of the demand for dollars goes abroad Empty Financial advisor: 93% of the demand for dollars goes abroad

    Post by Rocky Mon 02 Jan 2023, 4:49 am

    Financial advisor: 93% of the demand for dollars goes abroad

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    Economy News-Baghdad
    The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Monday, that 93% of the demand for the dollar goes to foreign transfers, stressing that the new central bank measures imposed discipline on the currency market.
    Saleh told "Al-Iqtisad News" that "what is happening in terms of the rise and slight fluctuation in the exchange rate in favor of the dollar in the parallel market is not caused by a problem with the adequacy of foreign reserves, as it is a force to intervene in the exchange market and provide sufficient supply to meet the demand for foreign exchange (as everyone knows The net reserves of the Central Bank of Iraq in foreign currency, which amounted to nearly $100 billion with government reserves, which is the highest in Iraq’s financial history), especially in reaching levels of adequacy, as those foreign reserves cover the value of the national currency issued into circulation by about (one and a half times) as These reserves cover about 20 months of importation, while the international standard does not exceed 3-6 as a maximum.
    He explained, "What happened in terms of a slight decrease in the external value of the dinar or the exchange rate, as it represents a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency, as work was done a while ago (on an advanced electronic platform). It links the request for transfers by local banks with correspondents from international banks and the relevant global compliance bodies at the same time, due to the fact that oil revenues are in dollars at the Federal Reserve Bank as a result of a previous UN Security Council Resolution No. 1483 in May 2003.
    And he continued, "During the start of experimentation with the platform for checking external transfer requests a few weeks ago (and at the stage of submitting requests for foreign currency by private banks to the window for selling foreign currency at the Iraqi Central Bank in order to transfer it to their correspondents around the world) it became clear that there are shortcomings and information deficiencies that are not consistent with governance Transfers flowed through the global banking system, which returned some of them again or were rejected to complete the standard submission requirements again and follow the standard bases in disclosing the final beneficiary and other terms of bank disclosure and compliance.
    He pointed out that "the new procedures have imposed discipline on the supply of foreign currency on a temporary basis, requiring an adjustment period in order for private banks to practice global compliance rules in transferring in the interest of the beneficiaries of foreign trade financing operations to the private sector."
    And he pointed out that "the problem is rooted in regulating the supply of foreign currency and not in the availability of foreign currency, which is, as we mentioned, in an abundant and more efficient manner, since the surplus rate in the hot account of the balance of payments touched positive 15% to the gross domestic product, which is a high indicator of external economic stability." Thus, it takes some time to reorganize the requests and their consistency with the global requirements for transfer through the digital platform, which has come to represent the new tool in dealing with the window of the Central Bank of Iraq for buying and selling foreign currency.
    The financial advisor confirmed that "the sales of the Central Bank of Iraq's window still meet the demand for foreign currency in full, including the cash dollar for the purposes of travel and tourism, but the demand of private banks remains mostly on behalf of the bank's customers from merchants and others, which focuses on external transfers of dollars, which represents a demand for commodities." And foreign services and benefits, as the percentage of requests for external transfer in dollars to foreign banks amounts to 93% of the total demand for foreign exchange from the window of the Central Bank and transferred to correspondent banks to pay import bills or what is called foreign trade financing for the private sector, trade finance.The problem is very temporary and applied. Purely technical in the transfer procedures via the digital platform and not in the conduct of the country's monetary policy at all.

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    Added 01/02/2023 - 1:28 PM
    Updated 01/02/2023 - 1:48 PM


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