Parliamentary Economy indicates the risks of the “parallel market”: “important” sessions with the Central Bank next week, 24 JAN

  Parliamentary Economy indicates the risks of the “parallel market”: “important” sessions with the Central Bank next week

1/23/2024   Baghdad 

The Parliamentary Economics Committee pointed out the dangers of the “parallel market,” while revealing “important” sessions with  Central Bank of Iraq officials next week in order to coordinate and support the market. 

Parallel market risks

Today, Tuesday (January 23, 2024), a member of the Parliamentary Economics Committee, MP Briar Rashid, monitored the danger of the “parallel market” in Iraq.

Rashid said in an interview with “Baghdad Today,” that “many factors contributed to creating the parallel market for dollar exchange in Iraq, which is currently far from the official price set by the Central Bank at about 20 thousand dinars for every 100 dollars ( The official price is 132 thousand dinars for every 100 dollars). $)".

Coordination with the central

Rashid pointed out that “the continuing gap between the parallel and the official is putting strong pressure on the markets and increasing the rate of price rise,” stressing that “his committee will hold a series of sessions with the Central Bank starting next week in order to coordinate towards supporting the markets and responding to the requirements of companies and traders in order to reduce prices as much as possible.” Possibility.

He explained that "supporting banks and openness in the labor market and production is a priority during the next stage," stressing that "increasing national production will reduce the demand for hard currency and lead to reducing the parallel market, and this is what we are seeking to achieve at the present time.”

"Deep State" control

On (January 4, 2024), financial expert Saleh Al-Bankari identified the danger of the deep state in the parallel market for the dollar, while pointing to 3 “pressuring” factors on price fluctuations .

The banker told "Baghdad Today", "The fluctuation of the dollar exchange rates in the parallel market recently is due to three direct pressing factors, and is centered on the Central Bank's measures to limit smuggling and launch its electronic platform, as well as the US Federal Reserve sanctions file and its handling of economic conditions .   ”

 He added, "The third factor lies in government dealings through adopting the electronic payment file," indicating that "the political scene in its internal and external data and the events surrounding the region constitute the most dangerous factors for the parallel market in the country, noting that there is no complete control over the border crossings." With all its addresses to reduce smuggling .  “

Regarding the dollar in the parallel market, the expert said, “The parallel market is subject, in one way or another, to the control of the deep state, referring to very influential parties who are behind the series of speculations that took place in the past months in order to recover more profits .  “   LINK