[size=36]The central bank warns traders not to deal with speculators[/size]
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Today, Wednesday, the Central Bank of Iraq warned traders against dealing with speculators to obtain dollars, calling on them to resort to the official platform for financing foreign trade.
The Central Bank’s advisor, Ihsan Shamran, told the official news agency, followed by Mawazine News, that “the government-supported central bank’s decision entered into force today, to sell the dollar at a price of 1320 to the public, as the central bank buys from the Ministry of Finance and from any party that sells the dollar at 1300 dinars and sells the dollar to the banks for 1310, so that the bank sells it to the public at 1320,” adding, “We have great hope that the banks will comply with this price and provide the dollar to the public, because the central bank provides the dollar, whether in cash for the traveler’s requirements or to meet the requirements of trade and money transfers, whether by remittances or Documentary Credits, all through the platform.”
Shamran continued, "This procedure supports other procedures in limiting transactions and merchants not resorting to speculators to meet their need to obtain dollars. The platform will serve several purposes, and the low exchange rate came to strengthen the Iraqi dinar to support the government effort and the central bank's effort in economic reform. The platform is a gateway." Economic reform, the gateway to financial reform, and the gateway to reforming the banking sector," stating, "We hope that the public's income levels will improve to meet their requirements, and we hope that this step will reduce commodity prices."
He explained, "It
Shamran pointed out, "The Central Bank has expanded the offer of the dollar by increasing the share of the traveler for various purposes to seven thousand dollars for the traveler instead of five thousand dollars, and this is in fact an expansion of the offer in order to respond to the requirements of travelers for the purposes of study and treatment, in addition to expanding the sales outlets to the public, as it was In the beginning, a branch of the same bank and monitored by the Central Bank’s control staff, now after the last meeting of the governor, the bank has the ability to distribute dollars through all its branches, whether in Baghdad or the provinces, and this also expanded the supply of dollars, and in airports as well, we opened outlets for bank branches located in airports.
And he stated, "Obtaining the dollar has become easy, and the initiative now is for merchants who hope to limit their obtaining of dollars from the platform and avoid dealing with speculators because this method is dangerous for the economy and exposes them to accountability as speculators are exposed as well," pointing out that "many merchants have begun to convert to the platform and take their requests.” Ended 29/M99