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Mazhar Muhammad Salih: 80% of foreign trade financing requests were rejected
Economical 2023/01/25
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Yesterday, 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 press statement: "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, "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 investigating the (ultimate 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 was "something left by the Iraqi civil trade over the last twenty years to represent this high level of transparency," noting that "the reason for rejecting 80 percent of foreign trade financing requests for the private sector is the lack of integration of the required data and correct disclosure . "
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