Central Bank: New decisions will be issued next week that may contribute to lowering the exchange rate
Central Bank: New decisions will be issued next week that may contribute to lowering the exchange rate
2023-08-04
Thursday, the Central Bank identified three categories of exchange companies for selling dollars to travelers, and while revealing a proposal regarding the entry of imported goods through border crossings, it indicated that there are new decisions that will be issued next week that may contribute to lowering the price of the dollar.
Deputy Governor Ammar Hamad Khalaf said to the official agency: “The central bank provides exchange companies with weekly quotas of dollars for the purpose of selling them to travelers at the official price and in limited quantities of 3 thousand dollars per traveler,” indicating, “These exchange companies are licensed through the central bank according to controls, which 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 bonds of the private sector and the government sector through remittances and bond credits, 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.
And he stated, “The Central Bank submitted a proposal to the ports and customs, which is that any goods entering Iraq must ensure that the merchant financed these imports through the Central Bank of Iraq,” pointing out, “The printing of the Iraqi currency will not be random.”
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 has 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.”
burathanews.com
