Oblige the Central Bank to issue simplified mechanisms for external transfer
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Baghdad: Hussein Thaghb Al-Tamimi
It undertakes the proposals of the experts to address the confusion in the exchange rates and to get out of this crisis, which has become a leafing among the economic circles and all segments of society, as the stability of the exchange rate at the official rates represents an urgent necessity to maintain a stable performance of the labor market and keep it away from any new challenges that complicate the economic scene more than it is now, Where the stability of the exchange rate leads to the development of the next investment paths to Iraq, which represents an important destination for work for all specialized international and intercontinental companies.
And the local markets indicate a continuous rise in exchange rates, as it closed in Baghdad yesterday at 164,700 Iraqi dinars, compared to 100 dollars.
Economic expert Adham Al-Fakhar confirmed that "Iraq is one of the countries affecting the world economy, because there is a large and wide labor market that accommodates local and international companies, and attention is directed to it because it has important ingredients, which requires that we have an ideal environment, one of the most important pillars of which is the stability of the exchange rate." .
Al-Fakhar drew attention to "the inevitability of the Central Bank of Iraq issuing simplified mechanisms for external transfer, to ensure the stability of the currency exchange rate, and here it is required that all banks undertake to sell the dollar at the official price of 1450 dinars for the benefit of contractors and suppliers or contractors with various official authorities, for the amounts of the import clauses included in their contracts." Or their sales with the various departments of the state, whose dues were not released until the issuance of these instructions.. And the sale of the dollar is in favor of the contractor or the supplier according to a letter of endorsement issued by the contracting party exclusively.
And the Central Bank of Iraq had announced the facilitation of the procedures for travelers to obtain foreign currency (dollars) for travel purposes by expanding the outlets for selling foreign currency (dollars) in cash by increasing the shares of bank outlets, and the increase in the shares of the banks mentioned below will be initiated, as for the rest outlets Banks will be expanded later.
Submit an invoice
He pointed out that "it requires the Central Bank to adopt paths and mechanisms that maintain the stability of exchange rates, the most important of which is when issuing an external transfer in response to the request of any Iraqi citizen in a personal or moral capacity or an entity residing or working in Iraq officially, Iraqi banks undertake the request from the person transferred from His account is to submit an invoice only, Proforma Invoice, and this invoice is not required to be signed or sealed, because the global issuance systems depend on the electronic version and not the old paper version and its signatures.
Types of transfers
He urged that "the Iraqi private and governmental banks issue all types of remittances or documentary credits and in the US dollar or the currency desired by the person transferred by him according to the customer's desire, and at the exchange rate approved by the Central Bank of Iraq 1450 dinars to the dollar, as well as obliging all banks Working in Iraq, by activating the bank transfer system - Swift within one week, otherwise the lagging bank is not allowed to trade foreign currency or enter the currency sale window to the Central Bank of Iraq for a month, and in the event that the bank insists not to activate the transfer system during a subsequent month, then the bank's work permit is withdrawn and annul his entity and refer him to the judiciary.”
And he stressed that "Iraqi banks are exclusively concerned with issuing remittances or issuing documentary credits, the issuer bank, and not for the bank to play the role of a paper correspondence office for other regional or foreign banks, which undertakes the main transfer process or issuance of credits, in order to ensure that remittance fees are collected from the customer for one time in favor of Iraqi banks and not to pay multiple fees for the same purpose and in favor of several banks that play the same role.
Al-Fakhar stated, “The importance of all private and governmental banks issuing all types of bank transfers and all documentary credits from the account of any Iraqi citizen, Iraqi legal entity, or person or entity residing in Iraq officially, provided that they have a bank account and that the transfer or documentary credit is for any logical reason.” Pointing to the need for all private or official banks to be prevented from declaring any foreign transfers, documentary credits, or any banking information related to any customer in favor of any third party other than the customer and the bank, regardless of their capacity as official or legal, except with the consent and request of the customer or by virtue of a judicial order in accordance with a decision. Declared lawsuit acquired the degree of peremptory ".
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