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BatmaninIraq
08-29-2016, 04:01 PM
Central Bank: Putting the sale of foreign currency window to ensure the stability of the dinar exchange


29/08/2016



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Direction Press / Baghdad
He attributed the CBI, put a window to sell foreign currency to ensure the stability of the Iraqi dinar.


According to a statement to inform the bank got "direction Press" a copy of it, "commenting to the chest of opinions about the work of selling foreign currency window of the Iraqi Central Bank wishes to state that the sale of the currency window is the way to ensure the stability of the dinar exchange rate over the meeting of the Iraqi economy requirements by providing foreign currency to cover imports of the private sector goods and services. "
He also said the move "to meet the needs of citizens for the purposes of travel, medical treatment, and study outside Iraq, despite the absence of any allocations in the budget since 2003 and so far for this purpose."


The statement pointed out that "the central bank has worked to develop its procedures in this regard by encouraging banks to adopt the mechanism of opening letters of credit for the purposes of import instead of remittances style, reaching sales ratio manner credits to more than 70% of foreign currency sales."
He explained, "The Central Bank has set a key benchmark for the implementation of dollar selling operations to banks include their compliance with the rules of the fight against money laundering and terrorist financing, as well as the preparation and application of standards for the electronic system for window sale and purchase of foreign currency (remittance), and a greater role for the government to buy and sell the dollar and the development and auditing of banks sources of funds used for the purchase of the dollar from the sale of foreign currency window. "