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Al-Sudani: 85% of Iraq's trade takes place through the dollar platform
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The Prime Minister, Muhammad Shia al-Sudani, said that more than 85% of the financing of foreign trade for Iraq takes place through the dollar platform established by the Central Bank of Iraq.
And the Central Bank, at the end of the year 2022, activated the electronic platform for external transfer, and set new controls with the US Federal Bank, which led to a crisis in the dollar exchange rate.
He added that Iraq is committed to international standards in financing foreign trade, and that the exchange rate of the dollar in the parallel market will not remain at this high, after the recent central bank measures.
He pointed out that the citizen can obtain the dollar at the official rate, as it was for the purposes of trade and travel, explaining that the person who goes to the price equivalent to the dollar goes to smuggling and money laundering.
And the Deputy Director General of the Investments Department at the Central Bank, Muhammad Yunus, said that "all financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform, and the (fitr) cash sale platform."
He added, "These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers."
He pointed out that "accepted remittances began to increase continuously, and we expect the central bank to reach very high levels."
Regarding the possibility of the dollar exchange rate returning to its previous price, Younes indicated that "the parallel rate has begun to gradually decrease on a daily basis during the past days," pointing out that "the central bank is working hard to solve all the problems that banks and merchants suffer from in the financial transfer process."
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Added 06/25/2023 - 9:04 AM
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Mohamed Shiaa Al-Sudani
Mohamed Shiaa Al-Sudani
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The Prime Minister, Muhammad Shia al-Sudani, said that more than 85% of the financing of foreign trade for Iraq takes place through the dollar platform established by the Central Bank of Iraq.
And the Central Bank, at the end of the year 2022, activated the electronic platform for external transfer, and set new controls with the US Federal Bank, which led to a crisis in the dollar exchange rate.
He added that Iraq is committed to international standards in financing foreign trade, and that the exchange rate of the dollar in the parallel market will not remain at this high, after the recent central bank measures.
He pointed out that the citizen can obtain the dollar at the official rate, as it was for the purposes of trade and travel, explaining that the person who goes to the price equivalent to the dollar goes to smuggling and money laundering.
And the Deputy Director General of the Investments Department at the Central Bank, Muhammad Yunus, said that "all financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform, and the (fitr) cash sale platform."
He added, "These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers."
He pointed out that "accepted remittances began to increase continuously, and we expect the central bank to reach very high levels."
Regarding the possibility of the dollar exchange rate returning to its previous price, Younes indicated that "the parallel rate has begun to gradually decrease on a daily basis during the past days," pointing out that "the central bank is working hard to solve all the problems that banks and merchants suffer from in the financial transfer process."
Views 119
Added 06/25/2023 - 9:04 AM
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