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Banking expert: The application of the recent instructions of the Central Bank will lead to the stability of the exchange rate
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Economy News _ Baghdad
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Added 2023/02/06 - 10:45 AM
Updated 2023/02/06 - 2:23 PM
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Economy News _ Baghdad
The banking expert, Mahmoud Dagher, confirmed that the meeting that took place in Istanbul between the Central Bank of Iraq and the representative of the US Federal Reserve is a purely technical meeting through which the views of the two parties regarding the implementation of the instructions were identified.
Dagher said in a televised interview, followed by "Al-Iqtisad News", that the Central Bank has indicated to the US Federal Reserve its willingness to develop a complete plan to improve the performance of the banking sector through compliance and application of new procedures, indicating that the issue is not easy to implement due to the circumstances surrounding the country as well as the conditions of the region in general and therefore. We need time to implement it and accept the matter from the market, especially merchants, by dealing with the banking sector, opening bank accounts, and making transfers normally after submitting documents and official receipts.
He added that changing the culture of merchants comes through setting assurances to implement their transactions through the new platform with the Central Bank and correspondent banks to conduct remittances, which leads to a decrease in the exchange rate in the markets and merchants not dealing with money changers speculating in the exchange rate between the official rate and the parallel market.
Dagher said in a televised interview, followed by "Al-Iqtisad News", that the Central Bank has indicated to the US Federal Reserve its willingness to develop a complete plan to improve the performance of the banking sector through compliance and application of new procedures, indicating that the issue is not easy to implement due to the circumstances surrounding the country as well as the conditions of the region in general and therefore. We need time to implement it and accept the matter from the market, especially merchants, by dealing with the banking sector, opening bank accounts, and making transfers normally after submitting documents and official receipts.
He added that changing the culture of merchants comes through setting assurances to implement their transactions through the new platform with the Central Bank and correspondent banks to conduct remittances, which leads to a decrease in the exchange rate in the markets and merchants not dealing with money changers speculating in the exchange rate between the official rate and the parallel market.
Views 128
Added 2023/02/06 - 10:45 AM
Updated 2023/02/06 - 2:23 PM
[You must be registered and logged in to see this link.]
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