Expert: The agreement with international banks will reduce currency smuggling from Iraq and improve the price of the dinar
Expert: The agreement with international banks will reduce currency smuggling from Iraq and improve the price of the dinar
2023-02-11 02:10
Shafaq News/ The economic and financial expert, Hilal Al-Taan confirmed, on Saturday, that the agreement with international banks will reduce the smuggling of hard currency outside the country, and improve the performance of the exchange rate of the dinar against the US dollar.
Al-Taan said in an interview with Shafaq News agency, “The agreement with international banks, including the US (JP Morgan) bank, to facilitate payments to China to finance private sector imports directly is a step in the right path because it will reduce smuggling, especially since most of our imports are from China.”
He continued, “The more such steps are taken, the more smuggling will be confined to a narrow angle and it will give more transparency to the import transfer process,” noting that “this step will also lead to an improvement in the exchange rate of the Iraqi dinar against the dollar.”
Al-Taan also indicated that “this step does not lead to the elimination of small merchants, as it is believed, but that any merchant can import from China after submission through the electronic window, and the dollar is spent for him electronically and not on paper by hand as it was previously,” noting that “the central bank will open an account for any He traded in China, and the latter can officially import goods, but he will eliminate the unofficial ways of smuggling the dollar.
Today, Saturday (February 11, 2023), the Central Bank announced its agreement with JPMorgan Bank to facilitate payments from the Iraqi banking system to the People’s Republic of China to directly finance private sector imports.
shafaq.com
