Advisor to Sudanese: The Iraqi-US agreement is the beginning of the stability of the dollar

by **wciappetta** Mon 13 Nov 2023, 8:20 pm

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Advisor to Sudanese: The Iraqi-US agreement is the beginning of the stability of the dollar

by wciappetta Mon 13 Nov 2023, 8:20 pm

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I'm ready what say you? They're allowing the banks to strengthen their financial positions because they are readying for reconstruction and the private sector, which everyone by now knows what that means. Right McSwartz Uh I mean Fly?

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[ltr]Advisor to Sudanese: The Iraqi-US agreement is the beginning of the stability of the dollar[/ltr]

[ltr] Time : 2023/11/14 00:27:52[/ltr]
[ltr] Reading : 2 639 times[/ltr]

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[ltr]{Economic: Al-Furat News} Mazhar Muhammad Saleh, Advisor to Prime Minister Muhammad Shia Al-Sudani for Financial and Economic Affairs, saw the agreement of the Central Bank of Iraq and the representative of the US Federal Bank, on strengthening the balances of Iraqi banks in dollars and increasing their number, and strengthening other local banks with balances from a basket of international currencies "a step towards stabilizing the dollar exchange rate" in the country.[/ltr]

Saleh said in a press statement, "The Iraqi Monetary Authority holds foreign currency reserves, which are the highest in Iraq's financial history," noting that "Iraq has the highest foreign currency reserves and high commercial efficiency, today reserve currencies are sufficient for Iraq's trade for a period of (fifteen months), while the global standard (three months)."

He explained that "external financing for the private sector is carried out through the compliance platform, which required conditions that lasted for a year from last October to this November, and therefore banks adapted on the basis of global compliance with the use of foreign currency for the purpose of trade and not for other purposes that cause problems for the state."

He noted that "the agreement between Iraq and the United States indicates that there is high flexibility in financing the private sector, by strengthening a number of banks in dollars, which have adapted themselves to global compliance and will finance Iraq from major global trade centers."

Saleh pointed out that "more than 85% of the demand for foreign currency is through the external platform managed by the (Central Bank of Iraq), by strengthening the balances of foreign banks, while the parallel market constitutes only 15% of the speculators' market," stressing that «this agreement constitutes the beginning of price stability for the exchange market».

An Iraqi government source had previously revealed an Iraqi-American agreement aimed at enhancing the balance of 10 Iraqi banks in dollars, and revealed an increase in the number of Iraqi banks that will enhance their balances in Chinese yuan through the Singapore Development Bank to 13 banks, while the number of banks that have strengthened their accounts in Indian rupees with the Singapore Development Bank is 2, and other banks will be added during the next two weeks.