CBI Press Statement Regarding Banking - 12/15/2022

[ronscarpa]

 

Press Statement

Thursday - December 15, 2022

 

 

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An authorized source in the Central Bank of Iraq explained that the slight rise witnessed by the exchange rate of the dollar in the local markets during the previous days is due to some factors, including the building of an electronic platform through which banks raise the requests of their customers. The Central Bank began building that platform months ago in coordination with international bodies for the purpose Provisions and regulation of the operations of the foreign currency buying and selling window and ensuring effective control over it, as a specialized international company was assigned to build it and link banks with the central bank through it. The platform requires information about customers requesting transfers, beneficiaries, correspondent banks, etc.

 

Due to the recent use of this platform, many errors are being discovered, which requires the bank to re-download it. These procedures take additional time to accept the request and pass it through the global financial system. In this regard, the reserves of the Central Bank and the financial solvency of the state 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 audit procedures, which will be bypassed during the coming days. In addition, the Central Bank has taken a number of measures to expand Offer foreign exchange to meet the public’s demand for cash dollars, and the management of the window 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, and for the purpose of covering the local demand.

 

Central Bank of Iraq
    Media Office
15- December- 2022

[screwball]

On 12/16/2022 at 3:32 AM, ronscarpa said:

 

Press Statement

Thursday - December 15, 2022

 

 

---

---

An authorized source in the Central Bank of Iraq explained that the slight rise witnessed by the exchange rate of the dollar in the local markets during the previous days is due to some factors, including the building of an electronic platform through which banks raise the requests of their customers. The Central Bank began building that platform months ago in coordination with international bodies for the purpose Provisions and regulation of the operations of the foreign currency buying and selling window and ensuring effective control over it, as a specialized international company was assigned to build it and link banks with the central bank through it. The platform requires information about customers requesting transfers, beneficiaries, correspondent banks, etc.

 

Due to the recent use of this platform, many errors are being discovered, which requires the bank to re-download it. These procedures take additional time to accept the request and pass it through the global financial system. In this regard, the reserves of the Central Bank and the financial solvency of the state 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 audit procedures, which will be bypassed during the coming days. In addition, the Central Bank has taken a number of measures to expand Offer foreign exchange to meet the public’s demand for cash dollars, and the management of the window 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, and for the purpose of covering the local demand.

 

Central Bank of Iraq
    Media Office
15- December- 2022

So they are testing the systems and fixing errors 

[screwball]

On 12/16/2022 at 3:32 AM, ronscarpa said:

and that the current supply of foreign currency is not linked to resources

Any one….very random thing to say…having spent a number of years with dept of justice trained in statement analysis, I say that this comment is misplaced out of context and stated to mislead or deceive the reader….which effectively means that it will be linked to resources and “gold”

Edited December 17, 2022 by screwball

[screwball]

Could also be referencing “oil”

[nannab]

Thank you scewball