Shafaq News/ Financial and economic expert Abdul Rahman Al-Mashhadani predicted on Thursday that the dollar exchange rate will witness a new decline to reach 145,000 Iraqi dinars against 100 dollars, attributing this to the measures taken by the Central Bank of Iraq in agreement with the Federal Reserve Bank.
Al-Mashhadani said in an interview with Shafaq News Agency, “The meeting that took place in the city of Abu Dhabi in the United Arab Emirates, and allowing 10 banks to carry out transfer operations directly through correspondent banks and with scrutiny from the American banks JP Morgan and Citibank and the Central Bank will only undertake the task of enhancing the balance will facilitate the process.” Passing the transfers as quickly as possible because this process does not pass through the electronic platform of the Central Bank and is not subject to the scrutiny of the Federal Reserve Bank.”
He added, “The American banks JP Morgan and Citibank are charged with additional auditing of transfers with the Federal Reserve Bank’s audit. This will facilitate the process of the transfer arriving as quickly as possible because it will most likely be done through correspondent banks that have partnerships with Iraqi banks.”
On the other hand; Al-Mashhadani indicated that the Central Bank allowed banks to import and bring remittances belonging to foreign companies, international organizations, and diplomatic missions operating in Iraq through Iraqi banks, meaning that these are companies that have bank accounts in Iraqi banks, so these banks are allowed to bring remittances to these companies,” noting that “ Last night, a shipment worth 100 million dollars entered, and it is the first shipment that will enter the local parallel market and will pay the salaries of workers in these companies, as well as contracts with Iraqi companies that supply materials and needs to these companies because they spend in Iraqi dinars.”
shafaq.com
