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[size=36]The Central Bank announces the imminent issuance of decisions to support the Iraqi dinar[/size]
Economy | 12:25 - 01/05/2024
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Baghdad - Mawazine News
Today, Friday, the Central Bank of Iraq revealed anticipated measures and decisions to support the dinar and maintain its strength against other currencies, and other measures that will positively affect the exchange rate, while indicating that it has taken measures in the field of gradually ending the electronic platform.
Assistant Director General of the Investment Department at the Central Bank of Iraq, Muhammad Yunus, said, “The Central Bank will monitor and follow up on all banks and customer complaints that are received if the banks are forced to convert customer accounts to the US dollar,” stressing that “this issue is easy to follow.” It will be monitored, and banks that do not comply with this decision will be held accountable.”
He added, “This decision and the decisions that will follow it in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it,” noting that “what confirms the strength of the dinar and the public’s confidence in it is the continuation of the Central Bank of Iraq and its failure to fulfill any of the needs of the various sectors.” It now finances the commerce, electronic payment, travel and other sectors.”
He pointed out that "in the coming days there will be more measures in the field of meeting all the needs of the market and supporting the Iraqi dinar and maintaining its strength against other currencies," noting that "the Central Bank, as part of its new procedures, prevented banks from automatically converting customer accounts in the dollar currency to the Iraqi dinar." Without the customer’s consent, customers were allowed to open accounts in different currencies.”
He noted that “what is new in updating the procedures is that it allowed companies that have contracts with the state to receive their incoming transfers, including workers’ salaries, as well as ongoing contracts for grants and loans in accordance with the Council of Ministers,” adding: “The other point is also in this new decision, It is to allow banks to agree with their customers to bring their incoming remittances in cash to Iraq.”
He stressed that "these measures will positively affect the exchange rate in the market, will increase the supply of the dollar, and contribute to serving and supporting important sectors in the economy, including the exporting sectors and the sector of companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting community organizations." Al-Madani, which contributes to the humanitarian and charitable field in Iraq.
He explained, “The main goal behind this update or these instructions is to expand the largest possible segment’s access to the cash dollar by meeting its current needs for this dollar, as these instructions expanded the number of entities that benefit from the cash dollar, including civil society organizations, and these measures supported an important segment.” In the economy, they are the exporters’ sector, as it allowed them to obtain 40 percent of the remittances received as a result of their exports and receive them in cash.”
He pointed out that “the decision clearly specified the mechanisms for its implementation by banks, and focused on the issue of incoming transfers, as it allows some groups to receive their incoming transfers in cash,” explaining that “this decision relates to incoming transfers and not the cash sale of dollars to travelers, as cash sales to travelers will continue as This is the case now, in addition to meeting the needs of customers and companies through this decision, and thus it will reflect positively on the exchange rate in the coming days.”
He stressed that “there are no restrictions applied to banks in the field of money transfer, because there are procedures in the field of gradually ending the Central Bank of Iraq platform by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to enhancing these balances and following up on operations.” the transfer".
He concluded by saying: “There are no restrictions on money transfers in different currencies within the banking system in foreign currencies, but this decision relates to the cash dollar (cash withdrawal).”
Assistant Director General of the Investment Department at the Central Bank of Iraq, Muhammad Yunus, said, “The Central Bank will monitor and follow up on all banks and customer complaints that are received if the banks are forced to convert customer accounts to the US dollar,” stressing that “this issue is easy to follow.” It will be monitored, and banks that do not comply with this decision will be held accountable.”
He added, “This decision and the decisions that will follow it in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it,” noting that “what confirms the strength of the dinar and the public’s confidence in it is the continuation of the Central Bank of Iraq and its failure to fulfill any of the needs of the various sectors.” It now finances the commerce, electronic payment, travel and other sectors.”
He pointed out that "in the coming days there will be more measures in the field of meeting all the needs of the market and supporting the Iraqi dinar and maintaining its strength against other currencies," noting that "the Central Bank, as part of its new procedures, prevented banks from automatically converting customer accounts in the dollar currency to the Iraqi dinar." Without the customer’s consent, customers were allowed to open accounts in different currencies.”
He noted that “what is new in updating the procedures is that it allowed companies that have contracts with the state to receive their incoming transfers, including workers’ salaries, as well as ongoing contracts for grants and loans in accordance with the Council of Ministers,” adding: “The other point is also in this new decision, It is to allow banks to agree with their customers to bring their incoming remittances in cash to Iraq.”
He stressed that "these measures will positively affect the exchange rate in the market, will increase the supply of the dollar, and contribute to serving and supporting important sectors in the economy, including the exporting sectors and the sector of companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting community organizations." Al-Madani, which contributes to the humanitarian and charitable field in Iraq.
He explained, “The main goal behind this update or these instructions is to expand the largest possible segment’s access to the cash dollar by meeting its current needs for this dollar, as these instructions expanded the number of entities that benefit from the cash dollar, including civil society organizations, and these measures supported an important segment.” In the economy, they are the exporters’ sector, as it allowed them to obtain 40 percent of the remittances received as a result of their exports and receive them in cash.”
He pointed out that “the decision clearly specified the mechanisms for its implementation by banks, and focused on the issue of incoming transfers, as it allows some groups to receive their incoming transfers in cash,” explaining that “this decision relates to incoming transfers and not the cash sale of dollars to travelers, as cash sales to travelers will continue as This is the case now, in addition to meeting the needs of customers and companies through this decision, and thus it will reflect positively on the exchange rate in the coming days.”
He stressed that “there are no restrictions applied to banks in the field of money transfer, because there are procedures in the field of gradually ending the Central Bank of Iraq platform by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to enhancing these balances and following up on operations.” the transfer".
He concluded by saying: “There are no restrictions on money transfers in different currencies within the banking system in foreign currencies, but this decision relates to the cash dollar (cash withdrawal).”
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