The Central Bank refers speculators with exchange rate issues to the competent courts
May 12, 2023
In response to citizens’ requests for the US dollar currency at the official exchange rate for legitimate purposes, the Central Bank of Iraq succeeded in providing easy and appropriate tools represented in the facilities packages it issued, which include support for the settlement of electronic cards at the official rate and money transfers of various types, but some of those who were able to obtain cards It was misused far from the intended goals for this purpose, as revealed by the reports of the competent security authorities and the supervisory procedures of the Central Bank and the Office of Combating Money Laundering and Terrorism Financing, which called for the development of a “strict new electronic system” that ends this phenomenon and the violations used in those cards.The Central Bank of Iraq revealed the completion of legal procedures against the violators, individuals, companies and banks, announcing their referral to the courts specialized in money laundering and financing terrorism, stressing its keenness to provide all appropriate tools to achieve the stability of the exchange rate, especially with the arrival of external transfers through the electronic platform to high levels, In addition to the use of electronic cards and the cash sale of dollars, all of this made what is called the "parallel market exchange rate" not reflect the real exchange rate as long as the Central Bank of Iraq responds to all (legitimate requests) to buy dollars, and that the price in the parallel market is linked to activity. Speculation, and non-fundamental operations trying to get away from the methods provided by the Central Bank of Iraq law and its decisions.CBIMedia Office2023 May 12
