Revealing the "real" reason for the dollar's rise.. "Banks are not good at dealing with this system."[You must be registered and logged in to see this link.][You must be registered and logged in to see this image.]
Baghdad Today - translation
Today, Sunday, the Agency France Press revealed the reasons behind the rise in dollar exchange rates in Iraq during the past days, describing them as "real."
And the agency indicated, according to its report, which was translated by (Baghdad Today), that "the news that talked about the existence of" American sanctions "against Iraq and preventing it from accessing its own reserves of dollars, is inaccurate," noting that "quoting the economic expert Ahmed Al-Tabaji, the reasons The real thing is the implementation of the Swift system in Iraq."
She explained, "The application of the international Swift system for remote financial transactions and transfers requires imposing conditions on banks and banks in countries that fall within the system, and since mid-November, Iraq has entered the international Swift system."
According to the agency, al-Tabaqji stressed that "participation in the global system of currency transfer requires compliance with a set of guarantee laws to combat money laundering and terrorism and the application of international sanctions such as those imposed on Iran and Russia."
He continued, "The truth is that these laws and requirements were a shock to most Iraqi banks and banks because they are not accustomed to dealing with this system."
For his part, the economic advisor to the Prime Minister's office, Mazhar Salih, confirmed to the agency that "Iraqi banks must register requests to transfer dollars from the US reserves to their treasuries through an electronic platform website. The US Federal Reserve verifies these requests within the international Swift system before approving them, and in In the event of doubts about the destination of the funds or inaccuracy in filling out the application data, the application is subject to cancellation.
He explained that "the requests of Iraqi banks and banks to obtain the US dollar through the SWIFT system, and since its implementation in mid-November, 80% of them were rejected due to doubts about their destination and the inaccuracy in providing the required data through the SWIFT system."
And the agency continued, "The inability of Iraqi banks and banks to use the international Swift system and the high refusal of the US Treasury to supply the dollar, led to a decline in the local stock of foreign currency, causing the current crisis, which the Central Bank of Iraq confirmed is" completely temporary "and solutions will be found soon. ".
The agency indicated that "there is a great local concern about the inflation that is affecting the Iraqi dinar as a result of the inability of banks to implement the international currency exchange system Swift," stressing that "the most important source of concern for specialists is the decrease in the purchasing power of the citizen due to exchange rates."