“The reason for the dollar’s ​​rise.” Parliament Finance criticizes foreign banks’ control of the currency market, 5 OCT

 “The reason for the dollar’s ​​rise.” Parliament Finance criticizes foreign banks’ control of the currency market

2023-10-04 | 09:54

The reason for the dollars ​​rise - Parliament Finance criticizes foreign banks control of the currency marketToday, Wednesday, a member of the Finance Committee in the House of Representatives, Muhammad Nouri, considered the control of foreign banks over the currency selling market in Iraq as a “dangerous precedent.”

In an interview with Al-Sumaria News, Nouri said, “The control of a large group of non-Iraqi banks over the currency selling market is a dangerous precedent in the Iraqi economic market, given that Iraq has solid private banks that have the potential To operate according to international conditions and standards.”

He criticized the Central Bank for setting “conditions that apply only to foreign banks for selling currency in…IraqIncluding the Jordanian National Bank, which now accounts for a large percentage of dollar sales in the currency auction,” indicating that “what the Bank of Jordan sells in one day amounts to more than 200 million dollars in one day.” Nouri pointed out that “at a time

when We suffer from a lack of cash flow, where the dollar goes abroad,” stressing that “there is unorganized work insideCentral Bank of IraqAnd an unregulated work mechanism, an unreal submission mechanism, and an unreal set of controls and conditions controlled by non-Iraqi banks,” indicating that “the Iraqi Central Bank’s procedures serve foreign banks and those behind them from entities trying to control the currency market inIraq

He stressed, “The facilities granted to foreign banks are the main reason for the dollar’s ​​rise, given that no one can obtain what is offered in the market except this narrow group of banks and through agreements made in secret with the Central Bank,” noting that “the existence of … The difference of 25 numbers between the standard and real price of the dollar is a problem caused by the Central Bank and its routine procedures.”

Observers wonder about the parties behind the issue of a Jordanian bank acquiring 70% of the currency auction atCentral Bank of IraqAt a time when Iraqi banks are being punished or threatened with punishment if they demand their rights.

alsumaria.tv