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An Iraqi-Turkish agreement to finance the imports of small merchants at an exchange rate of 1,320 dinars
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Economy News - Baghdad
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Added 12/14/2023 - 12:29 PM
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Economy News - Baghdad
An informed source revealed an agreement between Iraq and Turkey to finance the imports of retailers in Iraq at the official exchange rate of 1,320 dinars per dollar.
The source, who preferred to remain anonymous, told Al-Iqtisad News that the Central Bank of Iraq and the Central Bank of Turkey agreed to organize a trade financing mechanism for small Iraqi merchants, who import goods whose value does not exceed 70 thousand dollars per month, through the retailer depositing funds. The shipping company's account is in an Iraqi bank, and the shipping company undertakes the transfer to the Turkish merchant by paying exclusively in the Turkish lira, indicating that the shipping company is also responsible for the process of bringing the goods into Iraq.
He pointed out that this agreement will reduce the demand for the dollar in the parallel market, which will contribute to lowering the exchange rate, pointing out that next year will witness a meeting that includes the Union of Exporters in Turkey with the Federation of Iraqi Chambers of Commerce, the Association of Iraqi Private Banks, and a number of banks in order to discuss the mechanism of financing trade between... Iraq and Turkey and submit recommendations to the Iraqi and Turkish central banks.
The source, who preferred to remain anonymous, told Al-Iqtisad News that the Central Bank of Iraq and the Central Bank of Turkey agreed to organize a trade financing mechanism for small Iraqi merchants, who import goods whose value does not exceed 70 thousand dollars per month, through the retailer depositing funds. The shipping company's account is in an Iraqi bank, and the shipping company undertakes the transfer to the Turkish merchant by paying exclusively in the Turkish lira, indicating that the shipping company is also responsible for the process of bringing the goods into Iraq.
He pointed out that this agreement will reduce the demand for the dollar in the parallel market, which will contribute to lowering the exchange rate, pointing out that next year will witness a meeting that includes the Union of Exporters in Turkey with the Federation of Iraqi Chambers of Commerce, the Association of Iraqi Private Banks, and a number of banks in order to discuss the mechanism of financing trade between... Iraq and Turkey and submit recommendations to the Iraqi and Turkish central banks.
Views 68
Added 12/14/2023 - 12:29 PM
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