Economist: The Iraqi Central Bank returns to the forefront with a new strange decision!, 15 JAN

  Economist: The Iraqi Central Bank returns to the forefront with a new strange decision!

 Economic researcher, Ziad Al-Hashemi, said on Sunday that the Central Bank opened a new door to withdraw the dollar under the pretext of “borrowing” and then repaid the value of these dollar loans in dinars and at the official rate, without specifying any controls or standards that control dollar borrowing operations, which makes it a potential method. To receive the dollar and smuggle it or sell it for cash at the parallel price, and then repay its value at the official price and profit from the price differences.

Al-Hashemi stated in a post on the “X” platform,  that “the Iraqi Central Bank returns to the forefront with a new strange decision, as many were optimistic about the recent steps of the Iraqi Central Bank and considered them (reform) measures that will contribute to supporting the dinar, controlling the leakage of national hard currency, and stabilizing exchange rates, but It seems that the management of the Central Bank wants to raise controversy, suspicions and speculation again, through some strange decisions.”

He explained, “The Central Bank opened a new door to withdraw the dollar under the pretext of (borrowing) and then repaid the value of these dollar loans in dinars and at the official rate (according to the book below), and this book (according to its wording) does not specify any important controls or standards that control dollar borrowing operations, which This makes it a potential way to receive the dollar and smuggle it or sell it for cash at the parallel price, and then repay its value at the official price and profit from the price differences.”

He stated, “This potential fraudulent exploitation of the Iraqi dollar will refuel the smuggling and money laundering networks with cash dollars, and will increase the wealth of speculative parties (already wealthy) in dollars through differences in exchange rates.”

The economic researcher called on “the Central Bank to reconsider this book and discuss its potential repercussions on the Iraqi markets and economy, and to amend it in a way that preserves Iraqi funds and does not provoke the Fed again.”     link