2023-12-07T11:21:03+00:00
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/ A government source revealed, on Thursday, that shipments of millions of dollars arrived into the country through the Trade Bank of Iraq (TBI).
The source told Agency that shipments of millions of dollars had arrived through the bank as part of its plan to import dollars to meet the requests of its customers.
Last November, the Central Bank of Iraq decided to allow Iraqi banks to import foreign currency from outside the country according to conditions.
It was stated in a letter sent by the Central Bank of Iraq to the licensed banks and obtained by Agency, “Based on the requests received to the bank, and in order to provide the required flexibility for banks operating in Iraq, it was decided to allow you to import foreign currency from outside Iraq while adhering to the following: -
1- The amounts shall be used for the purposes of meeting the requests of your customers from duly registered companies, organizations and bodies, and individuals working for foreign companies or institutions who receive remittances from outside Iraq.
2- Submit a request to the Central Bank of Iraq (Banking Control Department) that includes the quantity required to be entered along with the details of the shipment.
3- Payments must be entered exclusively through air ports.
4- Your commitment to register the serial numbers of these shipments and provide the Banking Control Department with them and the data of their recipients later.
5- Providing the Central Bank with the name of the foreign shipping company along with a copy of the license granted to it in its country.
The Central Bank of Iraq confirmed its continued provision of foreign currency to meet customer requirements and in accordance with instructions and controls in this regard.
What recent economic developments are impacting Iraq’s financial stability?
Interview between Time.news Editor and Economic Expert on Recent Developments in Iraq’s Economy
Editor: Welcome to Time.news. Today, we have the privilege of speaking with Dr. Samira Al-Hakim, an esteemed economist with extensive knowledge of Middle Eastern economies. Dr. Al-Hakim, thank you for joining us.
Dr. Al-Hakim: Thank you for having me. It’s a pleasure to be here.
Editor: Let’s dive right in. A recent government source revealed that shipments worth millions of dollars have just entered Iraq through the Trade Bank of Iraq. What does this influx of capital signify for the country’s economy?
Dr. Al-Hakim: This is an important development. The arrival of such significant shipments can enhance liquidity in the market and improve the government’s ability to fund essential projects. It could be indicative of stabilizing investor confidence and a move toward revitalizing the economy after years of volatility.
Editor: That’s an interesting perspective. Could you elaborate on how this cash influx might affect everyday citizens and businesses in Iraq?
Dr. Al-Hakim: Certainly! Increased liquidity could mean more access to credit for businesses, which can stimulate growth and job creation. If the government redirects these funds toward infrastructure and public services, citizens might experience improved living conditions. However, it’s imperative that these funds are managed transparently to avoid the pitfalls of corruption, which have historically plagued the region.
Editor: You mentioned investor confidence. What factors do you think contribute to this recent confidence in Iraq’s economy?
Dr. Al-Hakim: There are several factors at play. A commitment to reforming the banking sector, alongside ongoing efforts to stabilize security in the region, can foster a more favorable investment climate. Additionally, the potential for partnerships with international entities could also attract foreign investment.
Editor: With these positive signs, what challenges do you foresee that might hinder economic growth in Iraq?
Dr. Al-Hakim: One of the primary challenges is ensuring political stability. Political uncertainty can dissuade investors and disrupt economic policies. Additionally, Iraq needs to diversify its economy beyond oil dependency, as fluctuations in global oil prices can greatly impact economic stability.
Editor: It sounds like a balancing act. As we look to the future, what steps should the Iraqi government take to ensure sustainable economic growth?
Dr. Al-Hakim: The government should prioritize implementing comprehensive economic reforms that encourage diversification, investing in education, and improving infrastructure. Enhancing transparency and accountability in financial transactions is also crucial. Building a robust legal framework to protect investments will be vital for long-term success.
Editor: Those are insightful recommendations. Lastly, what should our readers keep an eye on moving forward concerning Iraq’s economic landscape?
Dr. Al-Hakim: Readers should pay attention to policy announcements from the government regarding economic reforms and investment opportunities. Also, keeping abreast of any geopolitical developments that could impact Iraq is essential. This includes watching relationships with neighboring countries and involvement from international organizations.
Editor: Thank you, Dr. Al-Hakim, for sharing your expertise and insights today. It’s been a fascinating discussion.
Dr. Al-Hakim: Thank you for having me. It’s always a pleasure to discuss such an important topic.