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Government advisor: Adopting the audit of foreign remittances contributes to the stability of the exchange market and the price level
Economy 22-07-2024, 15:24
Baghdad - IA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Monday, that the
adoption of an auditing company for foreign remittances is a positive lever that guarantees the
soundness of compliance processes and
speed of job performance, while
indicating that this will achieve two basic operational goals of monetary policy. Saleh said to the Iraqi News Agency (INA):
Accrediting an audit company for foreign transfers is a positive lever that guarantees the integrity of compliance processes and the speed of functional performance of the activities of the external sector of the economy regarding all market transactions,
especially those related to external transfer, which will provide a guarantee of conformity of activities.”
External transfer in foreign currency with the purposes declared to the regulatory authorities and the beneficiary entities to which it is transferred through compliance means.” He added,
"This step represents clear information that strengthens the efficiency of the money market by being a market for information and is affected by the efficiency of that information towards the stability of transactions and raising the level of certainty in them, after the development of the resumption of external transfer transactions financed in foreign currency for various global trade regions, with governance, high quality, and high disclosure without interruption."
Which will provide the monetary policy at the same time with ensuring the achievement of two basic operational objectives of the monetary policy in building the basis of stability in the general level of prices within the achievement of the intermediate objectives of the same policy in price stability.
The first is to maximize the effectiveness of controlling local liquidity and controlling the levels of growth in the money supply. At accelerating rates without slowing down, in addition to controlling the basis components,
the second contributes to the stability of the exchange market itself and gives it positive signs of the availability of a broader role for the official exchange market and the superiority of its positive effects through the sufficiency of its information in containing the colored noise of the parallel market.” He continued,
"Both of the above operational objectives are related to the role of monetary policy in
stabilizing the general level of prices,
containing inflationary expectations, and
imposing guarantees for stable real flows through the
stability of the external value of money and the compatibility of this with the
stability of the speed of internal money circulation and the
general function of demand for money in the joints of the national economy."
https://www.ina.iq/213147--.html
Economy 22-07-2024, 15:24
Baghdad - IA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Monday, that the
adoption of an auditing company for foreign remittances is a positive lever that guarantees the
soundness of compliance processes and
speed of job performance, while
indicating that this will achieve two basic operational goals of monetary policy. Saleh said to the Iraqi News Agency (INA):
Accrediting an audit company for foreign transfers is a positive lever that guarantees the integrity of compliance processes and the speed of functional performance of the activities of the external sector of the economy regarding all market transactions,
especially those related to external transfer, which will provide a guarantee of conformity of activities.”
External transfer in foreign currency with the purposes declared to the regulatory authorities and the beneficiary entities to which it is transferred through compliance means.” He added,
"This step represents clear information that strengthens the efficiency of the money market by being a market for information and is affected by the efficiency of that information towards the stability of transactions and raising the level of certainty in them, after the development of the resumption of external transfer transactions financed in foreign currency for various global trade regions, with governance, high quality, and high disclosure without interruption."
Which will provide the monetary policy at the same time with ensuring the achievement of two basic operational objectives of the monetary policy in building the basis of stability in the general level of prices within the achievement of the intermediate objectives of the same policy in price stability.
The first is to maximize the effectiveness of controlling local liquidity and controlling the levels of growth in the money supply. At accelerating rates without slowing down, in addition to controlling the basis components,
the second contributes to the stability of the exchange market itself and gives it positive signs of the availability of a broader role for the official exchange market and the superiority of its positive effects through the sufficiency of its information in containing the colored noise of the parallel market.” He continued,
"Both of the above operational objectives are related to the role of monetary policy in
stabilizing the general level of prices,
containing inflationary expectations, and
imposing guarantees for stable real flows through the
stability of the external value of money and the compatibility of this with the
stability of the speed of internal money circulation and the
general function of demand for money in the joints of the national economy."
https://www.ina.iq/213147--.html
