The success of the Central Bank in the management of foreign currency and reserves

The success of the Central Bank in the management of foreign currency and reserves was the result of a number of important steps taken by adopting a new method in the management of foreign reserves through self-management, where the bank performs the renewal of deposits and currency conversion itself according to the latest international practices in this area.

The movement of the foreign currency has been pursued internally through the introduction of a new system for the series of banknotes and tracking them until they reach the exchange companies. The system has started to operate in electronic form, starting with recording the dollar sequence electronically until the final distribution of the cash categories, Ensures that the dollar does not reach the terrorist organizations listed on the OFAC list, which is one of the world's most sophisticated systems and a requirement to comply with the distribution of the dollar.

In order to control the flow of foreign currency issued by the Central Bank instructions for the sale and purchase of foreign currency for the year 2017 and continued to follow the commitment of banks in quarterly terms, as well as to follow a package of administrative procedures to close the exchange rate gap, which contributed to control the sales of the dollar and stability of its price.

In the same context, user security applications were approved with SWIFT International for the first time, as well as work to comply with all SWIFT network users in Iraq to implement these standards according to the time limit set for them.

Article Credit: https://www.alsabaah.iq/ArticleShow.aspx?ID=160212
Special Thanks to Vernell Washington!!