A new statement from the Central Bank on the exchange rate and commercial transactions
A new statement from the Central Bank on the exchange rate and commercial transactions
2023-08-05
Friday, the Central Bank of Iraq confirmed that the exchange rate presented in applications and communication sites is not real, and there is one price that is the official one, while stressing that it is not permissible to carry out sales in dollars in all commercial transactions, including car showrooms.
The Deputy Governor of the Central Bank, Imad Hamad Khalaf, said: “What is published through applications or communication sites is an unreal price and should not be dealt with, and the price set by the Central Bank of 1320 is the official and real.”
He added, “The Central Bank and government decisions obligated citizens and commercial stakeholders to deal in dinars, and they should not deal in a second currency. Whoever wants to buy dollars for travel or foreign trade purposes can buy through official outlets and at the official price.”
Regarding car showrooms continuing to sell in dollars, Khalaf said: “It is not permissible to deal in dollars and government decisions in this regard are clear. As for showroom owners, they can finance car purchases from abroad by buying dollars at the official price.”
And the Central Bank identified, earlier, three categories of exchange companies for selling the dollar to travelers, and while revealing a proposal regarding the entry of imported goods through the border crossings, it indicated that there are new decisions that will be issued next week that may contribute to reducing the price of the dollar.
Deputy Governor Ammar Hamad Khalaf said in a statement to Al-Iraqiya News, followed by the Iraqi News Agency (INA): “The central bank provides exchange companies with weekly quotas of dollars for the purpose of selling it to travelers at the official price and in limited quantities of 3 thousand dollars per traveler,” noting that “exchange companies These are licensed by the Central Bank in accordance with controls and are in compliance with the Anti-Money Laundering Law.
He added, “One of the basic tasks of all exchange companies A, B, and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank,” noting, “There is an electronic platform that the Central Bank has been working on developing since the beginning of this year, and all dollar sales to citizens are done.” Through this platform that is closely monitored by the Central Bank. And he stated, “The Central Bank finances the market in dollars through this platform for categories of merchants and small traders and through exchange companies for travelers only,” pointing out, “Banks finance private sector and government sector bonds through remittances and bonds of credit, and some of them sell cash dollars as the banks of Mesopotamia.” And Al-Rasheed through its outlets at airports, while exchange companies are specialized only in the process of selling dollars to travelers.
Regarding the increase in the monetary mass, Khalaf stressed that “the process of increasing the monetary mass is directly linked to the process of increasing the foreign reserves owned by the Central Bank, so any financing for the public treasury is through the exchange of dollars obtained from oil sales with dinars, and therefore any increase in the dinar mass comes mainly from foreign currency.” “.
He stated, “There is no fear of any increase in the monetary mass.” On the exchange rate, Khalaf said, “The Central Bank issued several decisions related to the banking sector,” explaining that “other decisions will be issued next week, which may contribute significantly to reducing the exchange rate of the dollar.”
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