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Central Bank of Iraq’s external remittances surge
Iraq October 17, 2024
The Central Bank of Iraq. Photo: INA
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) plays a crucial role in managing remittances and foreign currency transactions within the country.
The remittance environment has seen notable advances and changes in recent times, which may be attributed to governmental actions and wider economic factors.
Through its currency auction, the CBI claimed a 91 percent rise in overseas remittances in March 2024.
The bank sold almost $213.4 million at this peak in a single auction, with the majority of the proceeds going for documentary credits and remittances.
For documentary credits, the exchange rate was established at 1305 Iraqi dinars per US dollar, while for cash transactions, it was 1310 Iraqi dinars per US dollar.
The efficacy of the CBI’s monetary policies in stabilizing the Iraqi dinar and promoting foreign exchange flows is demonstrated by this growth.
Additionally, the CBI has taken action to stop money laundering through the remittance network.
The implementation of an electronic foreign remittance platform has been crucial in identifying genuine beneficiaries of transactions, thus reducing avenues for criminal operations, as stated by the CBI Governor, Ali Al-Alaq.
This platform is part of a larger plan to improve international standards compliance and financial transparency.
Some Iraqi banks have lowered their external remittance charges to 0.5 percent in order to improve the remittance process.
This is in accordance with CBI regulations that seek to increase the accessibility of foreign currency services.
It is anticipated that this decrease would motivate more people and companies to use official channels for their remittance requirements.
The CBI’s recent remittance measures are part of a larger attempt to expand access to financial services for all individuals, increase regulatory compliance, and stabilize the economy.
https://www.iraqinews.com/iraq/central-bank-of-iraqs-external-remittances-surge/
Iraq October 17, 2024
The Central Bank of Iraq. Photo: INA
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) plays a crucial role in managing remittances and foreign currency transactions within the country.
The remittance environment has seen notable advances and changes in recent times, which may be attributed to governmental actions and wider economic factors.
Through its currency auction, the CBI claimed a 91 percent rise in overseas remittances in March 2024.
The bank sold almost $213.4 million at this peak in a single auction, with the majority of the proceeds going for documentary credits and remittances.
For documentary credits, the exchange rate was established at 1305 Iraqi dinars per US dollar, while for cash transactions, it was 1310 Iraqi dinars per US dollar.
The efficacy of the CBI’s monetary policies in stabilizing the Iraqi dinar and promoting foreign exchange flows is demonstrated by this growth.
Additionally, the CBI has taken action to stop money laundering through the remittance network.
The implementation of an electronic foreign remittance platform has been crucial in identifying genuine beneficiaries of transactions, thus reducing avenues for criminal operations, as stated by the CBI Governor, Ali Al-Alaq.
This platform is part of a larger plan to improve international standards compliance and financial transparency.
Some Iraqi banks have lowered their external remittance charges to 0.5 percent in order to improve the remittance process.
This is in accordance with CBI regulations that seek to increase the accessibility of foreign currency services.
It is anticipated that this decrease would motivate more people and companies to use official channels for their remittance requirements.
The CBI’s recent remittance measures are part of a larger attempt to expand access to financial services for all individuals, increase regulatory compliance, and stabilize the economy.
https://www.iraqinews.com/iraq/central-bank-of-iraqs-external-remittances-surge/
