Central Bank shows the mechanism of selling foreign currency window

Monday , 29 August 2016 - 12:53

He said the Iraqi Central Bank, on Monday, mechanism of selling foreign currency window, indicating the development of Ajraeth this regard by encouraging banks to adopt the mechanism of opening letters of credit for the purposes of import, as well as the preparation and application of standards for the electronic system for window sale and purchase of foreign currency.

The bank said in a statement seen by agency Nun, news reporting, he was "Commenting to issued opinions about the work of selling foreign currency window, he would like to show 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 through foreign currency provision to cover imports the private sector goods and services, in addition to the needs of citizens for the purposes of travel, despite the absence of any allocations in the budget since 2003 and so far for this purpose. "

The bank said it was "the work to develop its procedures in this regard by encouraging banks to adopt the mechanism of opening letters of credit for import purposes instead of remittances style, reaching sales ratio manner credits to more than 70% of foreign currency sales."

"The position is the primary criterion 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 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 verification sources of funds for banks used for the purposes of buying the dollar from the sale of foreign currency window. "

The governor of the central bank on the Keywords announced on the third of March 2015 that the new guidelines set by the bank is that the auction is no longer a daily window for operations for the sale of currency auctions, "he said, adding that the new mechanisms developed to sell this currency, especially that of its functions to provide currency for foreign trade.


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Central attribute setting sale of foreign currency window to ensure the stability of the dinar exchange



BAGHDAD / Baghdadi News / .. justified the Central Bank of Iraq, on Monday, put the window for the sale of foreign currency, for the purpose of ensuring the stability of the Iraqi dinar exchange.

The bank said in a statement received / Baghdadi News / copy of it, that "Commenting to issued opinions about the work of selling foreign currency window we would like to show 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 through foreign currency provision to cover private sector imports of goods and services. "

The statement added, "This action came 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."

He continued, "The central bank has worked to develop its procedures in this regard by encouraging banks to adopt opening letters of credit mechanism for import rather than remittances style, reaching sales ratio manner credits to more than 70% of foreign currency sales."

The statement pointed out that "the Bank has developed a fundamental criterion 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)."

He pointed out that "also comes to give 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" .anthy 21 / t

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