Al-Sudanese advisor: International controls have blocked 80% of requests to finance foreign trade for Iraq[You must be registered and logged in to see this link.] |Today, 13:11 |
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Baghdad Today - Special
Today, Tuesday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed that 80 percent of foreign trade financing requests in Iraq had been rejected.
Saleh said, in a statement to (Baghdad Today), that “the international controls set by the Federal Reserve Bank are a signal that occurs for the first time after the phenomenon of the economic blockade in the nineties of the last century, as the role of international compliance restrictions has become evident today through the (digital compliance platform). .
The financial advisor to the government added that "these transactions linked foreign remittances in US dollars to foreign currency requests for private banks and merchants through the window of the Central Bank of Iraq, specifically (foreign remittances)."
He explained that "this falls within a path that requires investigation (the final beneficiary) of the funds transferred to him abroad and the details of imported goods and accurate commercial documents, i.e. (providing a high degree of governance in terms of accuracy of information and details of commercial data).
He noted that "it is something that Iraqi private trade left over the last twenty years to represent this high level of transparency," noting that "the reason for rejecting 80% of foreign trade financing requests for the private sector is the lack of integration of the required data and correct disclosure.”