After canceling the electronic platform…the Central Bank reveals the mechanism for financing foreign trade

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After canceling the electronic platform…the Central Bank reveals the mechanism for financing foreign trade

Today, Tuesday, the Central Bank of Iraq made public the method by which it finances international commerce following the cancellation of the electronic platform and the currency auction, both of which the bank plans to initiate shortly.

Ammar Hamad Khalaf, the Central Bank of Iraq’s deputy governor, stated in an interview that the organization plans to soon stop operating the currency auction and computerized platform.

He clarified, saying, “The banks will be fully responsible for financing foreign trade directly through the dollars they own.” About the worldwide practice of auditing transfers and invoicing.

By taking this action, the Central Bank of Iraq hopes to “withdraw itself” from the process of funding international trade and restrict it to American correspondent banks and banks operating inside Iraq. These banks will agree to finance each other’s requests for funding after examining confidential documents, and the Central Bank of Iraq will remain neutral in the situation. the situation.