Press Release

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An authorized source in the CBI explained that the slight increase in the dollar exchange rate in the local markets during the previous days is due to some factors, including the establishment of an electronic platform through which banks submit the requests of their customers. The CBI began establishing that platform months ago in coordination with international bodies to regulate the foreign currency purchase and sell window operations and ensuring effective control over it, as a specialized international company was assigned to establish it and link banks with the CBI through it. The platform requires information about customers requesting transfers, beneficiaries, correspondent banks, etc. Due to the recent use of this platform, many errors were discovered, which requires the bank to re-upload it. These procedures take additional time to accept the request and pass it through the global financial system.

In this regard, the CBI reserves and the financial solvency of Iraq in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not linked to resources but to administrative and auditing procedures, which will be passed during the coming days. In addition, the CBI has taken number of measures to expand foreign exchange offer to meet the public’s demand for cash dollars, and the window management was directed to meet the requests of banks for the coming days faster by executing double requests, and a preferential price was given for the implementation of documentary credits, in order to cover the local demand.

 

Central Bank of Iraq

     Media Office

     15.Dec. 2022