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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Central Bank: Iraqi remittances were rejected by the US Federal Reserve and their decline to 8%

    Rocky
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    Central Bank: Iraqi remittances were rejected by the US Federal Reserve and their decline to 8% Empty Central Bank: Iraqi remittances were rejected by the US Federal Reserve and their decline to 8%

    Post by Rocky Thu 13 Jul 2023, 4:59 am

    Central Bank: Iraqi remittances were rejected by the US Federal Reserve and their decline to 8%

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    Economy News - Baghdad
    Yesterday, Wednesday, the Central Bank revealed that the rejection of Iraqi commercial transfers from the US Federal Reserve via the electronic platform has declined to 8 percent, pointing out that it is due to the rise of the dollar in the parallel markets to the large volume of trade with Iran, Turkey and Syria and the restrictions imposed on those countries by America.
    The general manager of investments in the bank, Mazen Sabah Ahmed, said in an interview with "Al-Sabah", which was followed by "Al-Iqtisad News", that "the refusal of Iraqi transfers by the US Federal through the electronic platform decreased from 80 percent to 8 percent, indicating that" the platform system aims to adopt standards Universal transfer that reduces inaccurate paths of funds.
    He added that "the currently approved platform is the result of an agreement with the US Federal Reserve that takes into account the mechanisms of dealing in dollars, as the request for the auction began to be through an electronic system that takes into account all the important details that the transfer includes, such as the investment of funds and the two parties to the process, the importer and the exporter, and are there penalties for the issuing party?"
    Ahmed pointed out that "the platform adopts discreet mechanisms through which money cannot be passed to an incorrect party," revealing that "the adoption of a specialized international company works to audit all transfers without exception."
    He explained that "the mechanisms for establishing the banking system after 2003 were not at the required level and were characterized by weakness and their inability to finance foreign trade," noting that "the mechanism of the currency auction was carried out through committees that looked into the requests of banks and transferred funds to banks in the UAE." And then to its destination, and this matter was covered by major international media, which negatively affected the reputation of the Iraqi financial sector.
    The general manager of investments in the bank pointed out to "the importance of Iraqi banks working to develop the reality of their performance and working to raise their capital to levels that make international banks ready to be their correspondents."
    Regarding the gap between the official exchange rate of the central and parallel banks, Ahmed said: The Iraqi does not have a problem with the supply of dollars, but the problem is with demand, as we have a large volume of trade with countries that have restrictions regarding the dollar, including the Islamic Republic of Iran, with which the country's trade touches 10 billion. Dollars and Turkey, with which our trade ranges between 10-12 billion dollars, as well as Syria, with which we have a volume of trade that requires dollar sums, which raises the demand for dollars in the parallel market, due to the need for dollars to pay the dues of this trade, especially since the dollar cannot be granted to any country It is forbidden to deal in dollars.
    He pointed out that "the Central Bank tended to provide a dollar for every person in need, but we saw incorrect use by the beneficiaries, and these directions were reviewed."
    And Ahmed urged to "go towards electronic payment and benefit from payment cards, each of which has characteristics that can provide dollars at the official price, as cards can be issued through applications downloaded to the mobile phone, and through them virtual cards of up to 50 cards are issued that are used to complete the needs of the beneficiary and at the price." approved by the central authority.


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