WHAT IS THE RELATIONSHIP OF CENTRAL SALES OF CURRENCY WITH THE EXCHANGE RATE OF THE DOLLAR? AN EXPERT CLARIFIES AND ACCUSES OF “BLACK MONEY TRANSFERS”
The Central Bank of Iraq’s sales in the hard currency auction witnessed a fluctuation between high and low, amid a state of panic in the local markets, following the continued rise in the exchange rates of the dollar, and the decline in the value of the Iraqi dinar.
Today, Thursday (August 17, 2023), the Central Bank of Iraq’s sales in the “dollar” currency auction amounted to about 192 million dollars, while yesterday, Wednesday, it amounted to (193,716,083) million, and last Tuesday it reached (183,890,982) million, and last Monday the bank sold (201,236,671) million. , which indicates a clear increase and decrease in sales.
Central sales and exchange rates
Today, Thursday (August 17, 2023), the expert in financial and banking affairs, Nasser Al-Kinani, explains the impact of the decrease and increase in the Central Bank’s sales on the dollar prices in the local market.
Al-Kinani told “Baghdad Today” that “the decline and rise in sales of the central bank certainly has a significant and direct impact on the exchange rate of the dollar in the local market,” adding, “But this decrease or rise does not affect if it is for a few days, because it depends on continuity.” rise or fall.”
The parallel market and black transfers
And the expert in financial affairs indicates that, “The problem of the high exchange rate of the dollar in the parallel market has nothing to do with the issue of the central bank’s daily sales percentage, but rather this matter has to do with the continuation of sending black remittances outside Iraq.”
And he stresses that “without stopping these transfers and finding solutions to this problem, it is not possible to control the exchange rate of the dollar in the parallel market.”
And experts in the financial affairs point out that the banks affiliated with the political parties are behind the dollar crisis in Iraq, stressing that they are working “black transfers” and some illegal banking moves.
Experts explain that the “political protection” of some of these banks is a reason why they are not held accountable by the competent Iraqi authorities, noting that US sanctions are imposed on them, to prevent “misuse of the dollar . “
And in the event that these banks continue to operate outside international standards, this means, according to the specialists, “the imposition of new US sanctions on new banks during the next stage.”
Earlier, Prime Minister Muhammad Shia al-Sudani revealed the details of the dollar crisis, which he described as a “battle”, announcing at the same time the arrest of a network of “major speculators” linked to speculators in the Kurdistan region .
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