14 hours ago
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Today, Thursday, the advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad, explained the reasons for the continued high exchange rates of the dollar in the Iraqi markets, while stressing that the foreign currency market and the speculators' high demand for the dollar is still continuing.
Mazhar Muhammad said, in a press interview seen by Taqaddam, that “since the end of October 2022, the foreign transfer policy has witnessed new audit applications imposed by international financial cooperation regarding auditing funds transferred outside the country through the foreign currency sale window in order to finance foreign trade for the private sector.” and other permitted financing purposes.
He added, "For the first time, external transfer procedures are linked to an audit platform that monitors compliance levels in the legal and legitimate disposal of funds transferred in US dollars, in order to investigate the natural and legal persons to whom the transfer is made, or the so-called knowledge of (the last beneficiary)."
Al-Sudani’s advisor explained, “The Central Bank of Iraq issued three important and soft packages during the current year that facilitate foreign dealings in dollars through the international compliance platform. The value of the Iraqi dinar increased by 10% in early February 2023, which all led to a decrease in the value of the dollar to the dinar to about 9 points, after it reached its peak by about 20 points in the first weeks of the beginning of this year.
Muhammad stressed, “The foreign currency market and the speculators’ increased demand for the cash dollar is still continuing, to finance informal trade, and the phenomenon continues to put pressure on the stability of the exchange market, which made the dollar rise to about 12 points again, while the levels of banking compliance are increasing.” continuous".
And the exchange rates of the dollar, in the local markets, continue to rise, despite the many measures taken by the government and the Central Bank, as the exchange rate reached, today, Thursday, 1470 dinars for every US dollar.
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