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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 reveals the reason for the rise in the dollar despite the decline in remittances Iraqi remit

    Rocky
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    Central reveals the reason for the rise in the dollar despite the decline in remittances Iraqi remit Empty Central reveals the reason for the rise in the dollar despite the decline in remittances Iraqi remit

    Post by Rocky Thu 13 Jul 2023, 6:38 am

    [size=30]Central reveals the reason for the rise in the dollar despite the decline in remittances Iraqi remittances in Washington
    [ltr]2023.07.13 - 09:48[/ltr]
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    Baghdad - Nas  
    The Central Bank of Iraq revealed that the rejection of Iraqi trade transfers from the US Federal Reserve via the electronic platform has declined to 8 percent, while the reason for the rise in the dollar in parallel markets is attributed to the large volume of trade with Iran, Turkey and Syria and the restrictions imposed on those countries by the Americans.  
      
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    The general manager of investments in the bank, Mazen Sabah Ahmed, told the official newspaper, followed by "Nass" on Thursday (July 13, 2023), "The refusal of Iraqi transfers by the US Federal Reserve through the electronic platform decreased from 80 percent to 8 percent," noting that "the platform system aims to To adopt global transfer standards that limit inaccurate paths of funds.  
      
    This came on the sidelines of an economic symposium organized by the Financial and Accounting Training Center at the Ministry of Finance in cooperation with the House of Wisdom for Training and Consulting, titled "The electronic platform for financing foreign trade and the gap between the official and parallel Iraqi dinar exchange rate."  
      
    He added, "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 included in the transfer, 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 robust mechanisms through which funds 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 inability to finance foreign trade.” 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 Director General of Investments in the bank warned of "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 and parallel exchange rate, Ahmed said: "The Central Bank of Iraq does not have a problem with the supply of the dollar, but the problem is with the demand, as we have a large volume of trade with countries that have restrictions on the dollar, including the Islamic Republic of Iran, with which the country's trade touches the 10 Billions of 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 A country prohibited from dealing in dollars.  
      
    He pointed out that "the Central Bank tended to provide the dollar for every needy person, but we noticed an incorrect use by the beneficiaries, and these directions were reviewed."  
      
    And Ahmed urged to "go towards electronic payment and benefit from payment cards that each have characteristics that can provide dollars at the official price, as cards can be issued through applications downloaded to the mobile phone and through which virtual cards of up to 50 cards are issued that are used to complete the needs of the beneficiary at the price." approved by the central authority.  
      
    Hisham Khaled, in his role specialized in economic affairs, told "Al-Sabah" that "the Iraqi banking system has major tasks ahead of it represented in providing credit to the local labor market that requires local and international financial transactions, and from here the banking system must realize that the process of developing performance and adopting advanced technology is the most important next step, In addition to expanding the capital of banks.  
      
    He pointed out that "the Iraqi citizen needs to expand his circle of understanding of the reality of electronic payment and its importance and a serious shift to electronic transactions, and this matter requires the effort of the banking system in the culture of electronic dealings and the most important positives that it provides, as well as making him aware of the reasons for the existence of a gap between the official exchange rate and it in The parallel market, as this matter represents the talk of the Iraqi street.  
      
    He stressed "the importance of the banking system's future plans to include a detailed dissemination of the culture of electronic payment in cooperation with various media and in coordination with the concerned authorities, and to benefit from the virtual cards provided by the Central Bank of Iraq."  
      
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