Baghdad – The financial expert, Madhar Muhammad Salih, confirmed: The rise in the price of the dollar is temporary, until private banks practice the rules of international compliance in the transfer for the benefit of the beneficiaries.
He told the National Iraqi News Agency / NINA /: the rises that occurred are a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency.
He added: It was worked a while ago on an advanced (electronic platform) that links the request for transfers by banks with correspondents from international banks and the relevant global compliance bodies at the same time.
He explained: The new procedures have restricted the supply of foreign currency temporarily, which requires a simple adjustment period in order for private banks to practice global compliance rules in transferring for the benefit of beneficiaries from foreign trade financing operations to the private sector.
He added: It takes some time to reorganize the requests and their consistency with the global requirements for transfer through the digital platform, which has come to represent the new tool in dealing with the window of the Central Bank of Iraq for buying and selling foreign currency.
The market for buying and selling foreign currencies witnessed during the last few period an increase from its usual daily rate, exceeding 150 thousand dinars per hundred dollars .
Source: National Iraqi News Agency