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BatmaninIraq
08-30-2016, 01:44 AM
Statement issued by the Central Bank of Iraq


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Commenting to issued opinions about the work of selling foreign currency window of the Iraqi Central Bank wishes to state that "the sale of 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, in addition to the needs of citizens for the purposes of travel, medical treatment, study outside Iraq, despite the absence of any allocations in the budget since 2003 and so far for this purpose.

However, this 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 style remittances, reaching sales ratio manner credits to more than 70% of foreign currency sales, as well as the Central Bank has set a key benchmark for the implementation of dollar selling operations to banks include the extent of its commitment to 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 selling window and purchase of foreign currency (remittance), and a greater role for the government to sell the dollar and buy, develop and check the sources of funds used for the purposes of buying dollars to banks from the sale of foreign currency window.