The Central Bank reveals the reason for the decrease in sales: We have switched to an electronic platform, and some banks are not ready

The Central Bank reveals the reason for the decrease in sales: We have switched to an electronic platform, and some banks are not ready

2022-11-24

The Central Bank reveals the reason for the decrease in sales - We have switched to an electronic platform and some banks are not readyYes Iraq: Baghdad
The Central Bank of Iraq said, today, Thursday, that the reasons for the decrease in the volume of sales of the foreign currency sale window in recent times are due to the bank’s shift to establishing a new electronic platform for selling dollars and foreign remittances, considering that some banks are not ready enough to enter into the automation that launched its experimental work.

An authorized source in the bank told the official agency, “The Central Bank of Iraq is working to automate banking business according to the best banking standards, including the establishment of an electronic platform that organizes the external transfer process through the foreign currency sale window, similar to the electronic platform that organized the work of letters of guarantee.”

He added, “Due to the lack of sufficient readiness of the local banks with the start of the trial application of the platform, the implementation of part of the foreign transfers was postponed, which resulted in a decrease in the volume of sales of the foreign currency sale window.”

And he emphasized that “the Central Bank continues to strengthen the balances of banks abroad to settle their foreign transactions through the window, which finances imports and other permitted transactions in accordance with the instructions of the window and the application of international standards and the law against money laundering and terrorist financing.”

The Central Bank’s sales began to decline since the beginning of November, by 30%, after it had exceeded $200 million, to drop to between $120-150 million only.

Sources indicate that some banks were excluded from the currency sale window due to sanctions and warnings from the US treasury, which indicates that the banks that were withdrawing currency by “imaginary import” may have been banned and moved away from the currency sale auction.

yesiraq.com