Loomed on the horizon of new indicators that the dinar is moving towards gradual recovery for several reasons , most notably the central bank since last January by applying a new system for window buying and selling the currency and the abolition of the role of intermediaries and fine control over the movement and circulation of foreign currency, as well as making sure they arrive to the last beneficiary in addition to the commitment flour for banks and their cooperation with the central system in the new application.
The recent instructions issued by the special adoption of new mechanisms central to facilitate the previous procedures routine in the use offoreign currency for the purposes of coverage of imports and emphasize the identification of the last beneficiary in order to maintain Iraq ‘smoney from the misuse, where he announced the governor of the Central Bank of Iraq , Ali Mohsen Keywords during repeated meetings with leaders the central bank in 2017 will depend new insights into applications of monetary policy for the purpose of achieving the goals set forth in its law No. 56 of 2004.
The most important of these goals to maintain the value of the dinar exchange and foreign currency rate covered by building a foreign cash reserve in accordance with international standards in the calculation of the cash reserve to cover the dinar and cover imports entering Iraq.
Also , the main goal the other is to maintain foreign from the use of non – economic and development its ends its currency, so the central work of the past two years steps , deliberate, sequenced and coordinated with government agencies concerned with maintaining the independence contained in the law as procedural, regulatory and structural policies issued Strutijeth years (2016 –2,020) and identified its goals to achieve financial stability and the development of banking technically and structurally and organizationally in order to reach financial inclusion where it was in 2016 in the preparation and development of appropriate financial and technical basis of the reality of the Iraqi economy and banking mechanisms.
This is a solid base on the scale home and abroad and led to the transfer of the case of the Iraqi economy , the basic Bhlqath, most notably the financial sector, from the follow – up phase to the gray stage based on the report of the competent international financial organizations.
All this has led the central bank to start a new phase in the year 2017 are based on the four pillars of the first of is to work and dealing with banks with new mechanisms lifted by the pressures of the instructions above hard – line and give them elasticities and allowances andnumerous facilities in order to achieve the central goals of economic reform and banking – based transparency and disclosure.
The second pillar is dealing with banks based on the Matkdmh of new services and high – level banking products and restore the public banking sector confidence, in addition to the financial results and the extent of its commitment to the implementation of the monetary policy of the Central Bank of trends and reflection on the actual contribution to the gross domestic product and its contribution to sustainable development and its transition from the role of banking to the developmental role.
The third is dealing with banks according to the criteria for classification adopted by the Central as of the year 2017 and actually seemed todeal with the banks accordingly, fourth pillar is the issue of the Central Bank on the fifteenth of January , new mechanisms to regulate the mediation of banks between the importers and the bank adopts facilitate procedures and controls and adopt transparency the disclosure of the ultimate beneficiary in order to achieve the goal of the bank to maintain the exchange rate and ensure the use of foreign currency in order to meet the needs of the economy and market development , and not directed to other purposes.