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Clare » November 26th, 2023
Parliamentary Finance for / Nina /: Strengthening the balance of Iraqi banks in foreign currency supports the private sector and the local market
11/26/2023
The Parliamentary Finance Committee stressed the importance of strengthening the Iraqi banks’ foreign currency balance to support the private sector and the local market.
The head of the committee, MP Atwan Al-Atwani, said in a statement to the National Iraqi News Agency. Nina /, “The increase in the currency exchange rate by accredited banks provides another safe path to meet the local market’s needs for foreign currency.”
He added, “The government has established paths for banking work governed by the controls of applicable laws. This will open broad horizons for the national economy and will also provide hard currency to the local market without the need for the central bank to intervene and bear responsibility.”
He continued to say, “The private sector can adopt this by dealing with the electronic currency exchange platform, and dealing with trade in a way that ensures controlling the rhythm of market movement, and also part of this initiative is to support the private sector by establishing local projects that can provide foreign currency and achieve automation in the ports.” Border, tax and customs.”
At the beginning of this November, the Central Bank of Iraq agreed with the American side to facilitate procedures for external transfers, including an agreement to directly enhance the advance balance of a number of banks (ten banks) in dollars. LINK
A workshop for the Iraqi Private Banks Association and the Central Bank on “Importing Foreign Exchange from Outside Iraq”
11/26/2023
The Iraqi Private Banks Association, in cooperation with the Central Bank of Iraq, organized a workshop on “Importing Foreign Currency from Outside Iraq”, with the participation of the Investment Department of the Central Bank, and the presence of representatives of the Banking Control Department, the President of the Iraqi Private Banks Association, and the heads of the boards of directors of private banks and managers. Commissioners.
The Association’s Executive Director, Ali Tariq, spoke about the importance of the Central Bank of Iraq’s decision to import foreign exchange into the country and diversify it during the coming period, by importing the euro and other currencies, noting that “a number of banks have so far succeeded in importing foreign exchange through Erbil and Baghdad airports.” .
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He added, “Importing foreign currency is a major transformation in the financial sector, and will lead to the creation of a currency market within the Iraqi economy, through receiving and sending remittances in other currencies such as the yuan, rupee, dirham, euro, and others.”
The workshop answered the questions of Iraqi private banks regarding the mechanism of importing foreign exchange and communicating with correspondent banks, the cost of transportation and insurance, and the method of delivering it to customers. LINK
Source: Dinar Recaps
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