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[size=36]Sudanese Advisor: The Iraqi-American agreement constitutes the beginning of the stability of the exchange rate[/size]
Political | 11:55 - 11/14/2023
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Baghdad - Mawazine News
The Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, considered on Tuesday that the recent agreement between Iraq and America indicates the presence of “high flexibility” in financing the private sector by strengthening a number of banks in dollars, stressing that this agreement constitutes the beginning of a stable exchange rate.
Saleh said, “The Iraqi Monetary Authority maintains 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, the reserve currencies are sufficient for Iraq’s trade for a period of (fifteen months), while Global standard (three months).”
He explained, “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 thus the 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 the presence of 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 commercial centers," according to the official newspaper.
He added, "More than 85% of the demand for foreign currency is done through the external platform managed by the (Central Bank of Iraq), by enhancing the balances of foreign banks, while the parallel market constitutes only 15% of the speculators' market," stressing that "this agreement It marks the beginning of price stability in the exchange market.”
A government source reported, yesterday, Sunday, that recent meetings between Baghdad and Washington resulted in an agreement to enhance the balance of 10 banks in dollars through Citibank and JP Morgan.
Saleh said, “The Iraqi Monetary Authority maintains 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, the reserve currencies are sufficient for Iraq’s trade for a period of (fifteen months), while Global standard (three months).”
He explained, “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 thus the 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 the presence of 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 commercial centers," according to the official newspaper.
He added, "More than 85% of the demand for foreign currency is done through the external platform managed by the (Central Bank of Iraq), by enhancing the balances of foreign banks, while the parallel market constitutes only 15% of the speculators' market," stressing that "this agreement It marks the beginning of price stability in the exchange market.”
A government source reported, yesterday, Sunday, that recent meetings between Baghdad and Washington resulted in an agreement to enhance the balance of 10 banks in dollars through Citibank and JP Morgan.
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