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Central Bank Governor: Dealers evade the electronic system and resort to the market to buy dollars
Economical 2023/02/23
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Yesterday, Wednesday, the Central Bank of Iraq launched a second package of facilities to obtain foreign currency from banks, while the bank’s governor, Ali Al-Alaq, explained that some merchants are trying to evade the electronic system and resort to the market to buy dollars, which causes an increase in the exchange rate.
Yesterday, the Parliamentary Committee on Economy, Trade and Development hosted the Governor of the Central Bank, Ali Al-Alaq, and bank management officials, to discuss procedures for dealing with the dollar exchange rate, revenues from the daily currency auction, and monetary policy.
And the media office of the bank stated, in a statement received by “Al-Sabah”, that “in addition to what was announced in the first package of facilities provided by the Central Bank to achieve stability in exchange rates, the second package will include organizing financing foreign trade from China directly and in the Chinese yuan currency through two options.”
And he indicated that the first option is "strengthening the balances of Iraqi banks that have accounts with Chinese banks in the Chinese yuan currency, and the second option is strengthening the balances of Iraqi banks through the accounts of the central bank to the final beneficiary in the Chinese yuan currency through our accounts with the (GB Morgan) Bank and the Development Bank in Singapore".
He added that "facilities for financial transfers will be provided to the United States and Europe, using the same mechanism, later."
And he pointed out that "the documents required for submission for the aforementioned external financial transfers will be: a commercial list (invoice) only, or documents of credit, provided that the customer later provides the bank with evidence of the entry of the goods."
The bank stated that it will issue detailed instructions that include the aforementioned.
The bank also drew attention to "organizing financial settlements for agents of money transfer companies (Western Union and Money Gram) through Class A exchange companies through an Iraqi bank with a single settlement account for all those companies."
The bank confirmed that "citizens can transfer the amounts allowed to be transferred up to a maximum of $7,500 per month through agents of money transfer companies (Western Union and MoneyGram) at the official rate of 1,320 dinars/dollars, and the Central Bank is strengthening the accounts of these agents through the currency sale window." foreigners and buy them.
And the bank said: “A table will be published that includes the names of authorized agents and their locations, and citizens who wish to transfer personal sums for various uses (such as family subsidies or simple commercial uses) will be able to go directly to these agents (banks, exchange companies, or any other entities licensed by before the Central Bank or will be licensed later), for conversion at an exchange rate of 1320 dinars / dollars.
And he stressed that "new uses will be added to the sale of cash dollars, which contributes to expanding the sale base for citizens to facilitate the payment of their obligations in US dollars, and in a manner that does not contradict our generalizations, and the directives previously issued by the government in this regard."
He concluded by saying: “Governmental and private banks and exchange companies of categories A and B will be allowed to expand outlets for selling dollar cash in any of their branches, provided that this is exclusively through the FITR platform, while notifying us of the need to increase and diversify the geographical distribution of these outlets.”
For his part, a member of the Parliamentary Economy Committee, Yasser Al-Husseini, stated that his committee discussed a number of important axes, most notably "the negatives and positives of the new electronic system approved by the bank's management, and the extent of its impact on the parallel dollar exchange rate, the market, and economic life."
And he indicated that "according to the words of the governor of the Central Bank, there are minor effects, but there are positive benefits that will contribute to the stability of the exchange rate and the prices of foodstuffs and consumer goods in the market."
He continued, "The hosting discussed controlling ports, taxes and customs to raise the state's financial revenue, reduce smuggling of the dollar and not affect foreign trade."
Al-Husseini pointed out that "the governor of the bank confirmed that proceeding with the procedures will contribute to a decrease in the exchange rate of the parallel dollar and the need to adopt the official rate only in commercial transactions."
According to Al-Husseini, the governor of the bank stated that "some merchants are trying to evade the electronic system and resort to the market to buy dollars, which causes an increase in the exchange rate of the dollar."
Al-Husseini explained that "the governor of the Central Bank confirmed that approximately 25% of merchants relied on the system and the electronic platform to buy the dollar, but the rest are among those wary and afraid of entering the electronic system, and that the new electronic system limits the smuggling of the dollar abroad and contributes to the stability of the exchange rate." dollar in the market.
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