CBI issues recommendations to merchants and banks regarding exchange rates

 
Baghdad-INA
 
The Central Bank of Iraq-CBI issued on Tuesday, its recommendations to the merchants and banks regarding exchange rates.
 
“CBI Board of Directors held a meeting to discuss the repercussions and indicators of the rise in exchange rates in the local markets, the temporary pressures resulted from effect of the internal and external factors on foreign currency exchange rate," CBI media office stated, in a statement received by the Iraqi News Agency (INA).
The statement  added, "due to adopting mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."
 
CBI called on merchants to exchange currency with the  banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce excess loops, ease procedures, and remove costs resulting from pre-set prices problems.”
 
CBI stressed, "Banks must assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements."