New governmental measures to tackle exchange rate differences

 
Baghdad-INA
 
Prime Minister Mohammed Shia Al-Sudani directed on Tuesday to activate a committee for holding serious discussions with the US Treasury on financial remittances.

 

A Government source of the Iraqi News Agency-INA, "The Government has taken a package of measures to address the exchange rate differences, including: regulate the import process and ensure that the largest number of Traders and importers enter the foreign exchange window by facilitating account opening procedures, deposits and other procedures related to the issuance of the importer's identity that will facilitate the requirements of (Know your customer) for the Traders and Importers category, "stating that" there are ongoing negotiations between the Government and the Central Bank of Iraq-CBI with the Iranian side to regulate trade between the two countries and make the best options in terms of payment of dues, amounts and discussions are taking place at a good pace. "

"Prime Minister Mohammed S. Al-Sudani directed to work on a number of important projects to ensure that poor and middle-income groups are not affected by the exchange rate difference”, he added. The Ministries of Trade and Health are working to import and supply important items in Iraqi dinars at stable prices, such as the food basket project, pharmaceutical basket, construction basket and transportation basket, some of which have been in operation for some time ".

He continued, “The government is now working on the Equivalent Deal project to exchange trade and revenues with some countries such as China and India and its currencies from key trading partners of Iraq such as India, China and some neighboring countries”, pointing out that "the Government is currently considering the establishment of a free zone to import materials and thereby market them to the private sector and ensure their delivery to the consumer at competitive prices and in Iraqi dinars."
 
Prime Minister Mohammed S. al-Sudani directed the activation of a joint committee between the Government, the Central Bank and the private sector under the supervision of his office to hold serious discussions with the U.S. Treasury on remittances through the foreign exchange window and the committee has now begun its meetings.