The Central Bank of Iraq officially suspends the electronic platform
The Central Bank of Iraq officially suspends the electronic platform
2025-01-02
The Central Bank of Iraq announced Wednesday, the suspension of work on the electronic platform mechanisms related to selling the dollar, as the Deputy Governor of the Central Bank, Ammar Khalaf, stated in a statement to the official agency, that “the work mechanism on the electronic platform related to foreign transfers has been suspended, but financing foreign trade continues through correspondent banks according to different mechanisms that are equivalent to what is in effect in countries of the world.”
He pointed out that “dollars will continue to be given to travelers at airports according to the approved mechanism, which is the best in limiting the traveler’s access to dollars.”
This decision comes as part of a series of reforms aimed at facilitating financial procedures and stimulating the economy, but at the same time it raises questions about its potential impact on the stability of the Iraqi dinar exchange rate against the US dollar.
The platform documented commercial transactions and money transfers by banks and financial companies, ensuring more effective control over hard currency flows in and out of the country.
The platform has also contributed greatly to narrowing the gap between the official exchange rate and the black market rate, as it has prevented many money laundering and smuggling operations. With the decision to cancel this platform, questions are raised about how to regulate the market and manage transfers.
The decision to cancel the electronic platform for money transfers represents a major challenge to the Iraqi economy, and may have direct effects on the exchange rate of the dollar against the dinar. To achieve economic stability in the coming period, it will be necessary to take proactive measures to compensate for the absence of the platform and ensure the continuity of supervision over the financial market.
burathanews.com
