Baghdad Today – Baghdad
The financial and banking specialist, Alaa Al-Fahd, commented on Tuesday (December 24, 2024) on the impact of the suspension of the “platform” by the Central Bank on the markets during the next phase.
Al-Fahd told Baghdad Today that “the Central Bank of Iraq worked during the previous period with a plan through the auction of the sale of currency in the first phase, then the establishment of the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their output in external transfers, and that is why the bank announced for a while that the end of this year the platform will be stopped and there will be direct correspondent banks.”
He pointed out that “this is normal. All central banks in the world are tasked with maintaining monetary policy and not selling currency. There is no central bank in the world that sells currency and mediates in the sale and purchase of currency. This work is the responsibility of banks and exchange companies, and this is true and it is a great challenge so that banking commercial relations are directly, according to monitoring by the Central Bank of Iraq.”
He added that “stopping the platform will not affect local markets from the dollar exchange rate, but there are those who try to broadcast rumors that this step will change the exchange rate, so selling the dollar itself that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic and monitored transactions, and for this the situation is under control and there is no fear of the impact of the markets.”
Economist Ziad Al-Hashemi revealed on Monday that the Central Bank of Iraq was suddenly suspending the operation of the dollar transfer platform before the scheduled date and without an official announcement and without taking into account the interests of Iraqi companies and markets, in a step that is said to be far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site “Facebook”, followed by “Baghdad Al-Youm”, that “the suspension of the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the results of the platform’s suspension on dollar exchange rates, and the non-announcement can give the central opportunity to renege and evade the decision to stop the platform and return to the platform to operate the platform, even in case the dollar begins to rise to large rates.”
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