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Economy News _ Baghdad
Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed that the central bank's electronic platform for external transfer is the beginning of the solution for banking reform, and that bridging the gap between the official and parallel exchange rate actually begins with the application of the instructions and controls of the external transfer platform, which were issued the day before yesterday by the Central Bank of Iraq, which are new instructions for external transfer for the year 2023 to licensed banks and based on Central Bank Law No. 56 of 2004 as amended.
Al-Nusairi said in an interview with "Al-Iqtisad News" that the instructions aim to strengthen the role of the banking system and non-bank financial institutions in securing foreign currency to the final beneficiaries and controlling its movement internally and externally, which leads to controlling and maintaining the stability of the exchange rate and compliance with the requirements of the law on combating money laundering and financing Terrorism No. 39 of 2015, which included the entry controls for the platform, transactions, entities allowed to be funded by law, the procedures and obligations of banks that enter this platform, mechanisms, flexibility, facilities, and expansion of inclusiveness with the aim of allowing financing all economic, commercial and investment activities and realizing the legal interests of financing citizens in dollars in buying and selling, treatment, study and travel .
He explained that the application of entry controls to the platform for the year 2023 confirms that Iraq is strictly committed to international standards by ensuring that the dollar reaches the final beneficiary, preserving Iraqi funds from foreign currency from illegal behavior, adhering to international compliance rules and international standards adopted within the global financial system, as well as adhering to the decisions of the international community. Related to international banking transactions, and this confirms that there is no going back because economic reforms cannot be fully carried out without reform starting first with the banking sector as modern banking systems, policies and contexts, and in accordance with internationally disciplined and monitored standards.
Pointing out that the Central Bank of Iraq aims mainly to achieve economic stability by achieving stability in the monetary system and the financial system through its programs and plans that aim to maintain stability in the exchange of the dinar against other foreign currencies, provided that it cooperates with the financial policy that must take into account financial discipline in addition to combating Economic crime and activities that violate local and international laws in force, such as financial crimes of all kinds, in addition to building sufficient foreign cash reserves to cover our local currency in circulation and control stable rates of inflation and interest rates.
Al-Nusairi urged the Iraqi media to be accurate and non-extremist economic and media analyzes of the reality of monetary stability in Iraq, and so as not to take expectations of media intimidation and create a state of fear among the public and the banking sector.
And he indicated that, through an insight into the state of the money circulation market from a neutral and transparent point of view, I am certain that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves amount to more than 100 billion dollars on average, and with regard to what determines its adequacy to cover the monetary mass in circulation and to cover imports, the Central Bank He will make exceptional efforts in accordance with monetary policy applications, and he will preserve the real purchasing value of the dinar, its recovery, and the stability of the target rates of exchange rates in the short term.
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