Central Bank: Put sale of foreign currency window to ensure stability of dinar exch
Central Bank: Put the sale of foreign currency window to ensure the stability of the dinar exchange
08/29/2016 11:43 pm (Baghdad time)
Baghdad balances News
Said the Iraqi Central Bank, on Monday, to put a window to sell foreign currency comes for the purpose of ensuring the stability of the Iraqi dinar exchange.
The bank said in a statement received / balances News / copy of it, he was "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."
And between, 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