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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 Bank Governor: Washington responds to all that Iraq needs in terms of dollars and a meeting

    Rocky
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    • Post n°1

    Central Bank Governor: Washington responds to all that Iraq needs in terms of dollars and a meeting Empty Central Bank Governor: Washington responds to all that Iraq needs in terms of dollars and a meeting

    Post by Rocky Fri 24 Nov 2023, 5:14 am

    Central Bank Governor: Washington responds to all that Iraq needs in terms of dollars and a meeting with it next month
    • Time: 11/24/2023 11:16:56
       
    • Read: 1,144 times

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    {Economic: Al-Furat News} Central Bank Governor Ali Al-Alaq announced that the Federal Reserve and the US Treasury are responding to all requests for the dollar Iraq needs.
    Al-Alaq said in a press interview that “the Iraqi Central Bank will hold a meeting with the US Treasury and the Federal Reserve early next month in Dubai,” noting that “radical steps will be taken within the framework of reorganizing trade on the right foundations,” noting that “the electronic platform will be completed early next year.” .
    He noted that "the Central Bank will exit the process of conducting the executive aspects of the external transfer, and its role will be limited to supervision, and we have worked to find a new relationship between Iraqi banks and internationally accredited correspondent banks abroad."
    He continued, "We succeeded in opening more than 40 accounts for Iraqi banks with correspondent banks abroad, and we developed radical solutions to end speculation and dollar smuggling operations, and we were able to diversify currencies in transfer operations abroad."
    Al-Alaq stated that “import operations in Chinese yen and euros have been in effect for some time and import operations in UAE dirhams will begin next week,” stressing that “there are preliminary understandings with the Turkish side to make transfers through Turkish banks in the euro currency.”
    He pointed out that "the US Federal Reserve provides support in creating a relationship between Iraqi banks and correspondent banks," noting that "the operations of opening accounts for Iraqi banks are happening for the first time, and that the rejection of transfers on the electronic platform has begun to decline and there are no restrictions on Iraqi funds abroad."
    Al-Alaq went on to say, "We began supplying dollars into the country from the accounts of Iraqi banks abroad, and supplying dollars comes from what is in the accounts of Iraqi banks abroad, and the Central Bank is studying the request of the bank that is supplying the dollar and its needs before giving approval."
    He explained, "The supply of the dollar supports the reserves in the Central Bank, and there is a broad reform plan that includes the merger of private banks and correcting their conditions. The Central Bank is working with the government on a broad plan to develop government banks, which represent the largest weight in the banking sector."
    He revealed the diagnosis of some merchants who are pressuring the dollar currency in the market without following the fundamental import processes, and the government is working to eliminate the episodes that put pressure on the cash exchange rate, pointing out that “the government issued a decision prohibiting dealing in the dollar locally, while studying the exception of some cases.”
    Al-Alaq concluded his speech by saying, "There will be follow-up operations in the market and commercial stores to ensure that they entered with an original external transfer, and there will be besieging operations for every category that puts pressure on the cash dollar in the market."
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