Central Bank: We expect an increase in the amounts of foreign transfers in the coming days



Economy News / Baghdad

Today, Saturday, the Central Bank of Iraq confirmed that all financial transfers are monitored from the electronic platform, while indicating that opening a window for selling dollars to citizens violates international controls and norms.

“All financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform and the (fitr) cash sale platform,” said the assistant general manager of the bank’s investment department, Muhammad Yunus, to the Iraqi News Agency.

He added, “These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers.”

He pointed out that “accepted remittances began to increase continuously, and we expect the central bank to reach very high levels.”

Concerning the daily conversion rate of foreign currencies, Younis confirmed that “the bank publishes daily its cash sales and transfers, which currently range between 100 to 150 million dollars, in addition to cash sales,” expecting an increase in transfers in the coming days.

Regarding the possibility of the dollar exchange rate returning to its previous price, Younis indicated that “the parallel rate has begun to gradually decrease on a daily basis during the past days,” pointing out that “the central bank is working hard to solve all the problems that banks and merchants suffer from in the financial transfer process.”

Regarding the possibility of opening a window to sell the dollar to citizens with specific numbers per month, Yunus explained that “the dollar cannot be available to any citizen as it is not a national currency for Iraq,” noting that “the dollar must be allocated for dealing outside Iraq for the purposes of financing trade, travel, treatment and study.”

He continued, “Opening a window to sell dollars to citizens violates all international regulations and norms.”



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