Is commercial policy or banks bear the instability of the exchange rate?
the most important of which is the growth of Iraqi per capita consumption, which was accompanied with external openness, which caused an increase in the volume of imports. Any controls and are not subject to taxes and fees as a result of rampant corruption in government departments and other factors.
All these factors produced an unregulated commercial system, for example, a merchant who deals in millions of dollars is not officially registered and ships goods in the names of customs clearance companies and does not have a commercial record, for fear of the tax system in Iraq, and therefore the system destroyed the banking system, through unregulated trade And financial transfer according to messages via social media applications, which transfer money in moments, which has become more flexible for the commercial sector , but it had adverse and negative results on the banking sector, which exposed it to risks and obtained a low rating in compliance with the rules of money laundering and terrorist financing.
The commercial sector received a shock from the US Federal Bank, which changed the rules of financial transfer from old rules established by the banking system based on the requirements of the commercial sector to solid rules through the remittance platform (despite our reservations about some technical failures in this platform), but the question is whether the commercial sector is able to adapt himself according to these banking requirements in order to be able to continue, by implementing the procedures represented in establishing an official company first and opening bank accounts for it, and obtaining a tax record despite the harshness and brutality of the Iraqi tax system, and shipping in the names of the importers themselves and transfer by the banking system and according to international norms and the required compliance rules..
A warning was issued against the attempts of some people to drag the banking sector to adapt its situation to a distorted commercial policy, and he opposite must be to support the commercial sector by adapting its legal status , creating tax and customs reforms to serve this sector, which has been exposed and is subject to many calamities and calamities, and maintaining a strong, discreet banking sector with the ability To keep abreast of developments and is able to meet the requirements of correct trade, and here is the role of the Central Bank of Iraq and its ability to exercise its supervisory role on banks and motivate them in order to develop their practical tools, and the results will be positive if the vision is completed between the commercial sector and the reforms that the government must consider, which contributes to reducing the price of dollar exchange.
https://economy-news.net/content.php?id=35633
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Al-Nusairi: The Battle For The Stability Of The Exchange Rate With Speculators In The Black Market Will End With The Recovery Of The Dinar
Money and business Economy News _ Baghdad Samir Al-Nusairi, an adviser to the Association of Iraqi Private Banks, confirmed today, Monday, that the battle led by the government and the central bank with speculators to control the stability of the dinar exchange rate against the dollar on the black market will end with the gradual recovery of the dinar and that the rise in the exchange rate is temporary, and will inevitably decrease back to the target rate of The central bank in Iraq, because the dollar that is traded in, if it does not come from the central bank, then its source is illegitimate and is held accountable by Iraqi law for its negative effects on the national economy .
Al-Nusairi said in an interview with "Al-Iqtisad News", that "one of the most prominent reasons for the dollar's rise is the news of depriving 14 banks of dealing in US dollars and what the big speculators did in withdrawing cash dollars and the manipulation of unauthorized exchanges with exchange rates." In addition, some small retailers did not enter the electronic platform for external transfer.
And he added, “Some media outlets and analysts exacerbated the confusion of the market by amplifying unreal and incomplete data and information, as well as websites and microbes that announce daily the exchange rate on the black market despite the warnings of the Central Bank and its clarification by its statements issued successively that the offer of foreign currency is available for all requests submitted to the electronic platform by companies.”
And merchants and businessmen, and that the platform is the only approved system for external transfers, which achieves the real guarantee for the safety of external financial transactions in accordance with international standards, which guarantee the arrival of transfers to the final beneficiary.
Al-Nusairi pointed out, "The Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and takes urgent measures to address the situation and stop all countermeasures that harm the national economy." In particular, limiting illegal trade through unofficial outlets.
And he continued, “The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, delaying some transfers, and setting up procedures that facilitate merchants’ conduct of their business smoothly and easily, and taking possible flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies.”
Al-Nusairi noted that “the measures will inevitably result in a decrease in the exchange rate on the black market for the illegal dollar, and that the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon.” We urge all government agencies, wholesalers, and businessmen to support the Iraqi dinar and deal with it in all local monetary activities and transactions, as it is strong and covered by foreign monetary reserves that exceed $113 billion, and that its purchasing power is gradually recovering. In addition to being an essential pillar of national sovereignty. 08/14/2023 https://economy-news.net/content.php?id=35658
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