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The agreement to enhance Iraqi bank balances in dollars is praised by economic experts
November 14, 2023 Last updated: November 14, 2023
Independent/- Experts and officials in financial and economic affairs praised the agreement of the Central Bank of Iraq and the representative of the US Federal Bank regarding strengthening the balances of Iraqi banks in dollars, increasing their number, and strengthening other local banks with balances from an international basket of currencies, indicating that
this step will contribute to the stability of the dollar exchange rate and reduce the influence of the market. Parallel engaged in speculation.
Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, indicated in a statement to Al-Sabah newspaper, his independent affiliate, that
“the Iraqi monetary authority holds foreign currency reserves, which are the highest in Iraq’s financial history,” indicating that
“Iraq has the highest foreign currency reserves and the highest efficiency.” “High commercialization.
Today, reserve currencies are sufficient for Iraqi trade for a period of (fifteen months), while the global standard is (three months).” He explained that
“external financing for the private sector is done through the compliance platform, which required conditions that lasted for a year from last October to this November, and
thus the banks adapted on the basis of global compliance with the use of foreign currency for the purpose of trade and not for other purposes that cause problems for the state.” He noted that
“the agreement between Iraq and the United States indicates the presence of high flexibility in financing the private sector, by strengthening a number of dollar-denominated banks that have adapted themselves to global compliance and will finance Iraq from major global commercial centers.” Saleh pointed out that
“more than 85% of the demand for foreign currency is done through the external platform managed by the (Central Bank of Iraq), by enhancing the balances of foreign banks,
while the parallel market constitutes only 15% of the speculators’ market,” stressing that
“this The agreement constitutes the beginning of price stability in the exchange market.”
For his part, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, indicated in an interview with “Al-Sabah” that
“the process of strengthening the banks will positively affect the exchange rate of the Iraqi dinar against the dollar,” indicating that
“the point is not in increasing the number of banks, but in the amounts.”
Which is added to the balance of those banks first, and
secondly, oversight of these banks and ensuring that these amounts reach citizens and merchants,
especially since some of these banks take dollars from the currency window,
but those amounts do not reach the market but are used for speculation purposes, which is the main reason for the existence of the difference. The significant difference between the price of the dollar in the parallel market and the official price
https://mustaqila.com/اتفاق-تعزيز-أرصدة-المصارف-العراقية-با/
November 14, 2023 Last updated: November 14, 2023
Independent/- Experts and officials in financial and economic affairs praised the agreement of the Central Bank of Iraq and the representative of the US Federal Bank regarding strengthening the balances of Iraqi banks in dollars, increasing their number, and strengthening other local banks with balances from an international basket of currencies, indicating that
this step will contribute to the stability of the dollar exchange rate and reduce the influence of the market. Parallel engaged in speculation.
Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, indicated in a statement to Al-Sabah newspaper, his independent affiliate, that
“the Iraqi monetary authority holds foreign currency reserves, which are the highest in Iraq’s financial history,” indicating that
“Iraq has the highest foreign currency reserves and the highest efficiency.” “High commercialization.
Today, reserve currencies are sufficient for Iraqi trade for a period of (fifteen months), while the global standard is (three months).” He explained that
“external financing for the private sector is done through the compliance platform, which required conditions that lasted for a year from last October to this November, and
thus the banks adapted on the basis of global compliance with the use of foreign currency for the purpose of trade and not for other purposes that cause problems for the state.” He noted that
“the agreement between Iraq and the United States indicates the presence of high flexibility in financing the private sector, by strengthening a number of dollar-denominated banks that have adapted themselves to global compliance and will finance Iraq from major global commercial centers.” Saleh pointed out that
“more than 85% of the demand for foreign currency is done through the external platform managed by the (Central Bank of Iraq), by enhancing the balances of foreign banks,
while the parallel market constitutes only 15% of the speculators’ market,” stressing that
“this The agreement constitutes the beginning of price stability in the exchange market.”
For his part, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, indicated in an interview with “Al-Sabah” that
“the process of strengthening the banks will positively affect the exchange rate of the Iraqi dinar against the dollar,” indicating that
“the point is not in increasing the number of banks, but in the amounts.”
Which is added to the balance of those banks first, and
secondly, oversight of these banks and ensuring that these amounts reach citizens and merchants,
especially since some of these banks take dollars from the currency window,
but those amounts do not reach the market but are used for speculation purposes, which is the main reason for the existence of the difference. The significant difference between the price of the dollar in the parallel market and the official price
https://mustaqila.com/اتفاق-تعزيز-أرصدة-المصارف-العراقية-با/
