Financial exchanges and trading

by **Rocky** Wed 08 Nov 2023, 4:55 am

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Post n°1

Financial exchanges and trading

by Rocky Wed 08 Nov 2023, 4:55 am

Financial exchanges and trading

Economical 11/08/2023
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Muhammad Sharif Abu Maysam

In light of the procedural developments witnessed by the financial and monetary policies and the movement at the level of decision and consultation between those in charge of them, and the practical applications that these developments produce at the level of structural policies and the introduction of technologies, and the applied developments that electronic payment systems are witnessing in the banking arena, there are potential transformations that will be witnessed in the arena of exchanges. Financial transactions in the next few months will move toward a business environment that is compatible with the possibility of engaging in the banking industry system in the world, which will have a significant impact on the overall features of the financial and monetary landscape in the country, starting with the applications and practices of the tax system and customs tariffs, passing through exchange methods, all the way to the existence of a parallel market. Exchange rates are able to finance its exchanges without relying on a single source.
The features of these potential transformations have become apparent since the relevant authorities were forced to abandon the approved methods of financing foreign trade and begin adopting electronic payment methods on the “SWIFT” platform, and the resulting confusion led to the recovery of the speculative market and the growth of black market parasites before they became organized. Procedural operations in accordance with the regularity of the infrastructure for electronic payment tools, and since the international company Visa began the first steps of its work in Iraq in early June of last year, and the Vice President of the American “JP Morgan” Bank expressed his readiness to support Iraqi trade financing operations during his meeting with the Governor of the Central Bank. The Iraqi Bank last June, promising to provide the necessary support to facilitate the opening of an office for JP Morgan Bank in Baghdad to establish a banking sector that rises to the level of the banking industry in the world.
After that, the features of the transformations became clearer with the procedural steps taken by the authorities in charge of monetary policy, starting with the procedural steps in the restructuring project, which culminated in the Central Bank’s decision to increase the capital of banks to no less than 400 billion dinars during a maximum period of 12/31/2024. Then in the axis of introducing technologies that culminated in the recent introduction of the (Visa Direct) service in one of the banks to transfer money abroad in a maximum time of five minutes, thus facilitating the work of small merchants and large companies simultaneously, which will have an impact on the movement of funds to and from Iraq, and enabling... End users, whether companies or individuals, are able to transfer money quickly and safely around the world, in addition to the direct impact on the exchange rate in the speculative market due to the expected decline in demand and consequently the decline in prices according to the supply and price equation, while the lack of control over currency smuggling will remain the biggest challenge facing them. The relevant authorities.
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