The Central Bank confirms that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars
The Central Bank confirms that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars
2023-04-30
Today, Sunday, the Central Bank of Iraq confirmed that the impact of growth was greatly reflected in the volume of requests, amounts, and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.
“Growth has helped reduce the gap between the official and parallel exchange rate, significantly over the past days,” said Dr. Muhammad Yunis, Assistant Director General of the Investments Department at the Central Bank of Iraq, in a press statement.
Younes added, “The growth rate of the banks participating in this platform reached 155%, while the levels of demand rose from 42 requests per week, to about 1,280 requests.”
He explained, “This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was It is caused by the delay in implementation, due to a lack of information or a request for additional information.
Yunus continued, “These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools,” pointing out that, “despite the challenges and obstacles that accompanied the implementation of the new procedures, which suffer Including some banks and companies, as they represent a qualitative transition in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.
He pointed out that “the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to to other currencies such as (the euro) and (the Chinese yuan).
And Younes stated, “The banks’ requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them,” stressing, “These measures are supported by the government’s approach and the Central Bank of Iraq’s direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat.” The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance.
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