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Banks await the arrival of dollar shipments
Iraq 12/21/2023
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ukran Al-Fatlawi
Iraq is awaiting dollar shipments imported by government and private banks after the recent agreements between the Central Bank and the American side. It is hoped that they will contribute to curbing and reducing exchange rates in the parallel market.
Although government sales are made at a price of 132 thousand dinars per hundred dollars, prices in the parallel market currently range between 153 thousand and 155 thousand per hundred dollars.
The head of the Association of Private Banks, Wadih Al-Handal, said: “The recent measures of the Central Bank of Iraq and the government, with regard to facilitating trade financing using new currencies, represented by the euro, the dirham, the Chinese yuan, and the Indian rupee, are a step that contributes to reducing the exchange rate of the dollar in the parallel market,” noting that “The regulation of trade financing carried out by the government and the central bank through the entry of other goods into the platform will lead to an increase in trade financing.”
He confirmed in a statement to “Al-Sabah” that “private banks are taking great steps in expanding international relations with international banks, which facilitates the financing of Iraqi trade with countries around the world,” explaining that “the Prime Minister’s great support for the private sector is considered the beginning of reforming the Iraqi economy.” Especially since the private sector is an important partner for the government, in providing services and jobs and reducing poverty.”
For his part, economic expert Dr. Mustafa Hantoush explained to “Al-Sabah”: The Central Bank used Instructions No. 4 of 2011 regarding the import of currency by banks licensed in the country that have the right to carry out this process to enhance capital
or for the purposes of addressing monetary crises.
He added that the US Federal Bank had earlier reduced the dollar payments that were delivered to the Central Bank due to money laundering and the seizure of the dollar by some countries close to Iraq, but the Central Bank agreed with the US Treasury on a successful and correct step to support local banks by establishing relationships with foreign banks. And the gradual transition of operations to enhance the balance of its accounts, which is consistent with what the bank previously announced in its plan to gradually reduce dependence on the electronic platform until it ends its work next year.
Hantoush stated that there are banking transactions and deposits received in dollars, and related operations were carried out in dinars with the approval of the Central Bank, because the depositor requests dollars or transfers coming from abroad that are deposited in bank accounts, and there is no payment in dollars except in dinars, which requires strengthening capital, and according to this process, the Central Bank Al-Iraqi agreed with the US Treasury on a successful step in this regard.
He continued that the American side deals as a merchant, concerned with the issue of profit, by imposing a reduction in the supply of the dollar, but on the other hand, when it sees its banks and companies making a profit, it agrees to most of the procedures, and it is a theory that it follows in managing the world economically.
It is noteworthy that a government source revealed that government and private banks imported $255 million within two weeks, and that a number of other requests to import the dollar are on their way to being audited and implemented, with other amounts expected to arrive within the next few days.
In turn, Imad Al-Muhammadawi, who is interested in economic affairs, told Al-Sabah: The steps taken by the Central Bank, represented by approaching banks to finance small merchants from Turkey in the euro, are extremely important as it reduces the burden and crises of using the dollar
in commercial transactions.
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