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The Central Bank reveals the decline in the refusal of Iraqi trade transfers from the US Federal Reserve
July 13, 2023 Last updated: July 13, 2023
The Independent/- The Central Bank of Iraq revealed that the rejection of Iraqi trade transfers from the US Federal Reserve via the electronic platform has declined to 8 percent, while
attributing the reason for the rise in the dollar in parallel markets to the large volume of trade with Iran, Turkey and Syria and the restrictions imposed on those countries by the Americans.
The general manager of investments in the bank, Mazen Sabah Ahmed, said:
“The refusal of Iraqi transfers by the US Federal Reserve through the electronic platform decreased from 80 percent to 8 percent, noting that
“the platform system aims to adopt global transfer standards that limit inaccurate paths of money.”.
This came on the sidelines of an economic symposium organized by the Financial and Accounting Training Center at the Ministry of Finance, in cooperation with the House of Wisdom for Training and Consulting, titled “The electronic platform for financing foreign trade and the gap between the official and parallel Iraqi dinar exchange rate.” He added to “Al-Sabah” that
“the currently approved platform is a product of an agreement.” With the US Federal Reserve, the mechanisms of dealing in dollars are taken into account, as
the demand for the auction began to be through an electronic system that takes into account all the important details that the transfer includes, such as the
“the platform adopts robust mechanisms through which funds cannot be passed to an incorrect party,” revealing that
“the adoption of a specialized international company works to audit all transfers without exception.” He explained that
“the mechanisms for establishing the banking system after 2003 were not at the required level and were characterized by weakness and their inability to finance foreign trade.” And then to its destination, and
this matter was covered by major international media, which negatively affected the reputation of the Iraqi financial sector.
The Director General of Investments in the bank pointed out to "the importance of Iraqi banks working to develop the reality of their performance and working to raise their capital to levels that make international banks ready to be their correspondents."
Regarding the gap between the official and parallel exchange rate, Ahmed said:
“The Central Bank of Iraq does not have a problem with the supply of the dollar, but the
problem is with the demand, as
we have a large volume of trade with countries that have restrictions regarding the dollar, including the
Islamic Republic of Iran, with which the country touches 10 trade.” Billions of dollars and
Turkey, with which our trade ranges between 10-12 billion dollars, as well as
Syria, with which we have a volume of trade that requires dollar sums,
which raises the demand for dollars in the parallel market, due to the need for dollars to pay the dues of this trade, especially since the dollar cannot be granted to anyone A country prohibited from dealing in dollars. He pointed out that
“the Central Bank tended to provide the dollar for every person in need,
but we noticed an incorrect use by the beneficiaries, and these directions were reconsidered.”
Ahmed urged to “go towards electronic payment and benefit from payment cards that each have characteristics that can provide the dollar at the official price, as
cards can be issued through applications downloaded to the mobile phone and through which virtual cards of up to 50 cards are issued that are used to complete the needs of the beneficiary at the price.” official approved by the Central.
Hisham Khaled, in his role specialized in economic affairs, told Al-Sabah newspaper, his independent follow-up, that
“the Iraqi banking system has major tasks ahead of it represented in providing credit to the local labor market that requires local and international financial transactions, and
from here the banking system must realize that the process of developing performance and adopting advanced technology is more important.” The next steps,
in addition to expanding the capital of banks. He pointed out that
“the Iraqi citizen needs to expand his understanding of the
The parallel market, as this matter represents the talk of the Iraqi street.” He stressed
"the importance of the banking system's future plans to include a detailed dissemination of the culture of electronic payment in cooperation with various media outlets and in coordination with the concerned authorities, and to benefit from the virtual cards provided by the Central Bank of Iraq."
https://mustaqila.com/المركزي-يكشف-عن-تراجع-رفض-حوالات-التجا/
July 13, 2023 Last updated: July 13, 2023
The Independent/- The Central Bank of Iraq revealed that the rejection of Iraqi trade transfers from the US Federal Reserve via the electronic platform has declined to 8 percent, while
attributing the reason for the rise in the dollar in parallel markets to the large volume of trade with Iran, Turkey and Syria and the restrictions imposed on those countries by the Americans.
The general manager of investments in the bank, Mazen Sabah Ahmed, said:
“The refusal of Iraqi transfers by the US Federal Reserve through the electronic platform decreased from 80 percent to 8 percent, noting that
“the platform system aims to adopt global transfer standards that limit inaccurate paths of money.”.
This came on the sidelines of an economic symposium organized by the Financial and Accounting Training Center at the Ministry of Finance, in cooperation with the House of Wisdom for Training and Consulting, titled “The electronic platform for financing foreign trade and the gap between the official and parallel Iraqi dinar exchange rate.” He added to “Al-Sabah” that
“the currently approved platform is a product of an agreement.” With the US Federal Reserve, the mechanisms of dealing in dollars are taken into account, as
the demand for the auction began to be through an electronic system that takes into account all the important details that the transfer includes, such as the
- investment of funds, the
two parties to the process, the
importer and the exporter, and
are there penalties for the issuing party. Ahmed pointed out that
“the platform adopts robust mechanisms through which funds cannot be passed to an incorrect party,” revealing that
“the adoption of a specialized international company works to audit all transfers without exception.” He explained that
“the mechanisms for establishing the banking system after 2003 were not at the required level and were characterized by weakness and their inability to finance foreign trade.” And then to its destination, and
this matter was covered by major international media, which negatively affected the reputation of the Iraqi financial sector.
The Director General of Investments in the bank pointed out to "the importance of Iraqi banks working to develop the reality of their performance and working to raise their capital to levels that make international banks ready to be their correspondents."
Regarding the gap between the official and parallel exchange rate, Ahmed said:
“The Central Bank of Iraq does not have a problem with the supply of the dollar, but the
problem is with the demand, as
we have a large volume of trade with countries that have restrictions regarding the dollar, including the
Islamic Republic of Iran, with which the country touches 10 trade.” Billions of dollars and
Turkey, with which our trade ranges between 10-12 billion dollars, as well as
Syria, with which we have a volume of trade that requires dollar sums,
which raises the demand for dollars in the parallel market, due to the need for dollars to pay the dues of this trade, especially since the dollar cannot be granted to anyone A country prohibited from dealing in dollars. He pointed out that
“the Central Bank tended to provide the dollar for every person in need,
but we noticed an incorrect use by the beneficiaries, and these directions were reconsidered.”
Ahmed urged to “go towards electronic payment and benefit from payment cards that each have characteristics that can provide the dollar at the official price, as
cards can be issued through applications downloaded to the mobile phone and through which virtual cards of up to 50 cards are issued that are used to complete the needs of the beneficiary at the price.” official approved by the Central.
Hisham Khaled, in his role specialized in economic affairs, told Al-Sabah newspaper, his independent follow-up, that
“the Iraqi banking system has major tasks ahead of it represented in providing credit to the local labor market that requires local and international financial transactions, and
from here the banking system must realize that the process of developing performance and adopting advanced technology is more important.” The next steps,
in addition to expanding the capital of banks. He pointed out that
“the Iraqi citizen needs to expand his understanding of the
- reality of electronic payment and
its importance and a
serious shift to electronic transactions.
The parallel market, as this matter represents the talk of the Iraqi street.” He stressed
"the importance of the banking system's future plans to include a detailed dissemination of the culture of electronic payment in cooperation with various media outlets and in coordination with the concerned authorities, and to benefit from the virtual cards provided by the Central Bank of Iraq."
https://mustaqila.com/المركزي-يكشف-عن-تراجع-رفض-حوالات-التجا/
