Recently, there have been reports that political parties are controlling the sale of dollars in the financial markets.
This news has raised widespread concern among citizens and investors, as it is feared that this control will lead to manipulation of exchange rates and the creation of a black market that will negatively affect the national economy.
These developments come amid volatile economic conditions and a turbulent political landscape, which increases the challenges facing the government in maintaining currency stability and providing a secure economic environment.
Economic expert, Diaa Al-Mohsen, says, “The dollar exchange rate on the black market will not rise to more than 1,500 dinars,” accusing “political parties of controlling the sale of the dollar, as well as colluding with the monetary authority.”
He added, “Restricting the sale of dollars to travelers to certain exchange companies confirms that these companies are owned by large political blocs that benefit from the process of buying and selling dollars, and they are intended to obtain the largest share of foreign currency sales.”
He explains that “the Central Bank and the executive authority are fully aware of the political parties that control the dollar sales operations in the country, after they were restricted to certain companies.”
Al-Mohsen continues, “The dollar exchange rate will not reach high levels, especially since there is cooperation between the monetary authority and those who sell dollars on the black market, such that this cooperation ensures that the parallel exchange rate does not rise to more than 1,500 dinars per dollar.”
For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar Kuran, revealed the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market.
Jabbar Kuran says, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq.”
“The Central Bank of Iraq took some good measures in the past, but the increase that has occurred now is due to other measures that the Central Bank has not taken yet, including that the bank decided that foreign dealings are not limited to the US dollar only,
but this measure has not been taken yet, as well as not linking all banks to the electronic platform and stopping work on it with the exception of only seven banks, which do not accommodate the foreign trade exchange process that reaches about 50 billion dollars annually, and I do not expect those seven banks to accommodate this volume of trade exchange. ”
He added, "One of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash injections by the Central Bank of Iraq, except for this day."
He explains, “The demand for the dollar these days is abnormal, and I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season.”
He states that “the large number of exchange offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 exchange companies in Iraq, and about 2,500 companies in Kurdistan, so far, have not merged with each other to reach about 400 actual companies, so all of these companies and offices need more than 50 million dollars daily.”
Kuran confirms that “the rise of the dollar this time is not linked to a political or economic crisis or external factors, but rather is linked to the measures of the Central Bank of Iraq, and it is possible that the bank will control this rise,” expecting the exchange rate of the dollar to rise to more than 150 thousand dinars for every 100 dollars, while ruling out at the same time that it will reach high levels as happened in the past periods.”
Since Eid al-Adha, the dollar exchange rate has risen to more than 152,000 dinars in the parallel market and exchange offices, after hovering around 145,000 dinars per 100 dollars.
Prices have fallen again over the past week, with the dollar now hovering around 149,000 dinars per $100.
The Central Bank imposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market after illegal trade was financed through the parallel market via travelers’ dollars. LINK
No comments:
Post a Comment