Valid appearance: the rise in the price of the dollar is my time and will soon fall
Valid appearance: the rise in the price of the dollar is my time and will soon fall
2022-12-15
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, considered the rise in dollar exchange rates a “temporary phenomenon” and not a problem with the adequacy of foreign reserves, while stressing that the new measures had imposed a restriction or discipline on the supply of foreign currency.
In an interview with Al-Maalouma, Saleh said, “The rise in the exchange rate in favor of the dollar is not caused by a problem with the adequacy of foreign reserves, as it is a force to intervene in the exchange market and provide sufficient supply to meet the demand for foreign exchange.”
He added, “The rises that occurred are a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency,” noting that “work was done a while ago with an advanced (electronic) platform linking the transfer request by banks.” with correspondents from international banks and relevant global compliance bodies simultaneously.
Al-Sudani’s economic advisor explained: “During the start of the experiment a few weeks ago, it became clear that there were shortcomings and information deficiencies that were not consistent with the governance of the flow of transfers through the global banking system, which led to some of them being returned again or rejected in order to complete the standard submission requirements and follow the standard foundations in disclosing the final beneficiary and other things.” Banking Disclosure and Compliance Requirements.
And Mazhar indicated, “It takes some time to reorganize the requests and their consistency with the global requirements for transfer through the digital platform, which has come to represent the new tool in dealing with the window of the Central Bank of Iraq for buying and selling foreign currency.”
Earlier in the day, the exchange rates of the dollar recorded an unprecedented rise when the 100 US dollars reached more than 152 thousand Iraqi dinars, which angered the Iraqi people who were hoping for the return of the dollar prices to their previous state.
burathanews.com
