Speculators, Crisis Traders, And 1,200 “Unlicensed” Money Exchange Shops..The Reasons For The Fluctuation Of Dollar Prices In Iraq, 2 DEC

 Speculators, Crisis Traders, And 1,200 “Unlicensed” Money Exchange Shops..The Reasons For The Fluctuation Of Dollar Prices In Iraq

 
Economy ​ 11-28-2024, |Baghdad today – Baghdad  Today, Thursday (November 28, 2024), economic expert Samir Al-Nusairi revealed the reasons for the fluctuation in the exchange rate of the US dollar in stock markets, while confirming the existence of 1,200 unlicensed money exchange shops.

l-Nusairi told “Baghdad Today” that “once again the fluctuation in the exchange rate of the US dollar is back to the fore, and this time by speculators and merchants of crises and wars, exploiting the war that the Zionist entity is currently waging against our people in Palestine and Lebanon and the confusing security conditions resulting from that.”

He added, "The continuation of this problem from time to time can be attributed to several reasons, including before 2023 the
 
     lack of control over the regulation of foreign trade financing, the
 
     lack of a clear trade policy, the
 
     intertwining of policies, and the
 
     lack of an annual import program for the private sector in quantities and amounts. Rather, imports are open and without controls." For external transfers. He pointed out that "the
 
     lack of control over illicit imports and unofficial border crossings, in addition to the presence of about

  1,200 currency exchange shops spread across all governorates that are not licensed by the Central Bank , deal in cash dollars, and about
 
     12,000 outlets for disbursing the salaries of retirees and social welfare deal in trading it at the exchange rate on the black market.". 

He pointed out that   "most of the merchants who obtain the US dollar at the official rate from the Central Bank, but sell their goods in the local market at the black market price, as well as the  absence of global correspondent banks previously that deal with our banks and no accounts were opened for them in the currencies of the countries with which we have extensive trade exchange." Such as China, India, Turkey and the Emirates.

He explained that "the   failure of merchants and some banks to adhere to international banking standards that guarantee the dollar's access to the final beneficiary, so the
 
efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform for the purpose of controlling the stability of the exchange rate."

He explained, "Among the axes of this strategy are
 
     organizing the financing of foreign trade,
 
     building new international understandings with international banks, and
 
     opening accounts for our banks in correspondent banks, where
 
     more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks.

We expect that the number of banks will increase over the next two months." Iraqi women who have accounts in correspondent banks due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.”
 
The dollar exchange rates in local markets witnessed a state of fluctuation during the current week between rises and falls, which created a state of confusion among citizens.   
 
https://baghdadtoday.news/262905-مضاربون-وتجار-أزمات-و1200-محل-صرافة-غير-مجاز.-أسباب-تذبذب-أسعار-الدولار-في-العراق.html