‘Do not deal with speculators’, CBI warns traders

INA - LIVE UPDATES 

The Central Bank of Iraq – CBI warned traders on Wednesday, against dealing with speculators for exchanging the dollar currency, calling for adopting the official platform for financing foreign trade.
 
“CBI’s decision supported by the government entered into force today. It included selling the dollar at a price of 1320 IQD to the public. CBI buys from the Ministry of Finance and anyone that exchange the dollar for 1300 IQD as the bank sells the dollar to the banks at 1310 IQD. The bank sells it to the public at 1320 IQD,” said the CBI advisor, Ihsan Shamran, to the Iraqi News Agency – INA.
 
He highlighted, “We have great hope that the banks will comply with this price and provide the dollar to the public, because CBI provides the dollar, whether in cash for the requirements of the traveler or to meet the requirements of trade and financial transfers, by remittances or documentary credits, all via the platform.”
 
"This supports other procedures in limiting transactions, as traders ‘do not deal with speculators to meet their need to exchange the dollar. The platform will serve several purposes. The low exchange rate strengthened the Iraqi dinar to support the government effort and CBI effort in economic reform. The platform is a gateway to economic and financial reform, as well as a gateway to reforming the banking sector," he stressed, adding “We hope that the public's income levels will improve to meet their requirements. We hope that this step will reduce commodity prices."