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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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    Experts: The Iraqi-American agreement is the beginning of exchange rate stability

    Rocky
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    Post by Rocky Tue 14 Nov 2023, 5:09 am

    Experts: The Iraqi-American agreement is the beginning of exchange rate stability

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    Economy News _ Baghdad
    Experts and officials in financial and economic affairs praised the agreement of the Central Bank of Iraq and the representative of the US Federal Bank, regarding 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, indicating that this step will contribute to the stability of the dollar exchange rate and reduce the influence of the market. Parallel engaged in speculation.
    Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, indicated in an interview with “Al-Sabah” followed by “Al-Iqtisad News” that “the Iraqi monetary authority holds foreign currency reserves, which are the highest in Iraq’s financial history,” indicating that “Iraq has the highest Foreign currency reserves and high commercial efficiency. Today, reserve currencies are sufficient for Iraqi trade for a period of (fifteen months), while the global standard is (three months).” 
    He explained, “External financing for the private sector takes place 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, “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.” 
    Saleh pointed out that “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 constitutes the beginning of price stability in the exchange market.”
    For his part, the Rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, indicated that “the process of strengthening the banks will positively affect the dollar exchange rate,” indicating that “the point is not in increasing the number of banks, but in the amounts that are added to the balance of those banks first, and second.” By monitoring these banks and ensuring that these amounts reach citizens and merchants, especially since some of these banks take the dollar from the currency window, but these amounts do not reach the market but are used for speculation purposes, which is the main reason for the large difference between the price of the dollar in the parallel market and the official price. ».
    Al-Saffar pointed out that “increasing the number of banks and enhancing their balances will contribute to reducing the price of the dollar in the parallel market, provided that these banks are monitored and ensure that those dollars are delivered to citizens and merchants, in addition to verifying the truth of the documents submitted through the platform regarding materials related to transfers.” And remittances. He explained, “The bulk of this money that goes out the window goes to remittances and is not real. The process lies in two points: (Monitoring remittances and ensuring their authenticity), and secondly (monitoring the funds that go out the window through participating banks), and whether they actually reach the parallel market or are they used for speculative purposes.”
    In addition, economic affairs analyst, Jalil Al-Lami, said, “What happened is a new reform step by the Central Bank of Iraq by reaching an agreement with the representative of the United States of America responsible for foreign transfer operations to cover imports.” 
    He stated, “The matter does not affect the issue of cash or (cash), but rather the delay procedures in the electronic platform, and the return of some transfers in the currency buying and selling window,” explaining, “In the first place, the problems related to rejected transfers were solved, as it was agreed that The rejection of remittances is based on strong reasons, which will achieve more streamlined transfer process than before, and thus this will partially affect the demand for the dollar, which limits the possibility of its rise. After that, temporary stability will be achieved for the dollar, and then a return later to a gradual rise.” 
    An Iraqi government source had previously revealed an Iraqi-American agreement aimed at strengthening the balance of 10 Iraqi banks in dollars. He also revealed an increase in the number of Iraqi banks whose balances in Chinese yuan would be strengthened through the Singapore Development Bank to 13 banks, while the number Banks that have strengthened their accounts in Indian rupees with the Development Bank of Singapore 2, and other banks will be added within the next two weeks.
     


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