Clarification to the Iraqi Central Bank regarding the reasons for the decline in sales of the foreign currency selling window

Central Bank of Iraq

 November 24, 2022 03:26 PM

Mubasher: The Central Bank of Iraq revealed, today, Thursday, the reasons for the recent decrease in the volume of sales of the foreign currency selling window.

A source in the bank told the Iraqi News Agency, “INA”, that “the Central Bank of Iraq is working to automate banking business according to the best banking standards, including the establishment of an electronic platform that organizes the external transfer process through the foreign currency sale window, similar to the electronic platform that organized the work of letters of guarantee.”

He added, “Due to the insufficient readiness of the local banks with the start of the trial application of the platform, the implementation of part of the foreign transfers was postponed, which resulted in a decrease in the volume of sales of the foreign currency sale window.”

He stressed that “the Central Bank continues to strengthen the balances of banks abroad to settle their foreign transactions through the window, which finances imports and other permitted transactions in accordance with the instructions of the window and the application of international standards and the law against money laundering and terrorist financing.”

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