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[size=36]Central Bank of Iraq: Oil price drop has nothing to do with dollar exchange rate rise[/size]
economy | 12:16 - 09/18/2024
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Mawazine News - Economy
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that all transfers are subject to auditing, while indicating that the decline in oil prices has nothing to do with the rise in exchange rates.
Al-Alaq said, according to the official agency, that "the Central Bank provides the dollar at the official price to all commercial and personal channels, travelers, and all types of operations that represent legitimate activities, operations, and requests."
He pointed out that "any price outside the country is a price that only indicates the presence of abnormal operations that attempt to deviate from the official and legal system and correct fundamental channels," stressing the need to "focus on the amount of sales carried out by the Central Bank at the official price and those requesting the dollar, whether they are merchants, importers, individuals, or travelers."
He pointed out that "methods have been put in place for each channel that ensure the provision of the dollar on the one hand, and a very large degree of oversight to verify the integrity of the prior operations before they are implemented," noting that "this is a major shift in foreign transfer operations, as they were previously audited at a later stage, and today all transfer operations are not carried out or implemented except after being subjected to the auditing process."
He explained that "the decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has foreign currency reserves that enable it to defend the exchange rate."
Al-Alaq said, according to the official agency, that "the Central Bank provides the dollar at the official price to all commercial and personal channels, travelers, and all types of operations that represent legitimate activities, operations, and requests."
He pointed out that "any price outside the country is a price that only indicates the presence of abnormal operations that attempt to deviate from the official and legal system and correct fundamental channels," stressing the need to "focus on the amount of sales carried out by the Central Bank at the official price and those requesting the dollar, whether they are merchants, importers, individuals, or travelers."
He pointed out that "methods have been put in place for each channel that ensure the provision of the dollar on the one hand, and a very large degree of oversight to verify the integrity of the prior operations before they are implemented," noting that "this is a major shift in foreign transfer operations, as they were previously audited at a later stage, and today all transfer operations are not carried out or implemented except after being subjected to the auditing process."
He explained that "the decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has foreign currency reserves that enable it to defend the exchange rate."
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