The Central Bank of Iraq released a statement explaining the rise in the dollar in local markets.

The statement said that the slight appreciation of the dollar in local markets in previous days is due to several factors, including the creation of an electronic platform through which banks collect inquiries from their customers.

A few months ago, the Central Bank began building this platform in coordination with international bodies to tighten and organize the operations of the foreign exchange buying and selling window and ensure effective control over it, since a specialized international company was appointed to create it. and link banks with the Central Bank through it.

The platform requires the provision of information about customers requesting transfers, beneficiaries, correspondent banks, etc.

Due to the recent use of this platform, many bugs are found, which requires the bank to re-download it.

These procedures take additional time to accept the request and pass it through the global financial system.

In this regard, the reserves of the Central Bank and the solvency of the state as a whole are in excellent condition and at the best level in recent decades, and the current supply of foreign currency is not related to resources, but to administrative and audit procedures. , which will be bypassed in the coming days. In addition, the Central Bank has taken a number of measures to expand the supply of foreign exchange to meet the population’s demand for cash dollars, and the window management has been aimed at meeting the requests of banks in the coming days faster by fulfilling double bids, and the preferential price has been given for the implementation of documentary letters of credit, and to cover local demand.

Source: RT

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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