Closing The Dollar Selling Platform...An American Directive That Raises Concerns About Market Stability And Rising Prices, 5 JAN

 Closing The Dollar Selling Platform...An American Directive That Raises Concerns About Market Stability And Rising Prices

 
    January 2 09:43  Information / Baghdad..  The Central Bank announced the closure of the dollar selling platform at the end of the fiscal year, a measure that comes within the ongoing directives by the US Treasury to tamper with the Iraqi economy.
 
However, this decision raises growing concerns about its potential impact on demand and dollar prices in the local market, especially in light of the current economic conditions.
 
Closing the platform is expected to lead to an increase in demand for the dollar in the parallel market, as many importers and traders rely on purchasing hard currency to meet their needs.
 
In the absence of the usual supply through the official platform, they may resort to alternative markets to obtain dollars, which leads to increased pressure on prices.
 
Economic observers point out that the rise in demand accompanied by a decline in  supply will inevitably lead to an increase in the price of the dollar against the dinar, and
 
this rise may be directly reflected in the prices of goods and services, which adds an additional burden on citizens, especially with the decline in purchasing power as a result of high inflation rates.

Regarding the issue, economic expert Safwan Qusay said in an interview with the Maalouma Agency,
 
“The Central Bank of Iraq announced the end of work on the electronic platform for banking transactions as of the beginning of the new year, after notifying all Iraqi banks of the cancellation decision early on.”  He added,
 
"13 Iraqi banks were able to adapt to this change, as
 
they expanded their dealings with real merchants, bringing the percentage of transfers and credits made through direct relationships between Iraqi banks and supplier banks to more than 95%."  He stated that
 
"these operations are carried out in accordance with strict compliance standards that ensure knowledge of suppliers and payment mechanisms." He continued by saying,
 
"For 5% of the transfers that were made through the electronic platform, merchants wishing to continue import operations at the official price can open bank accounts within these banks." He pointed out that
 
"the  Central Bank issued a circular dated September 30 last year allowing merchants to import directly after opening bank accounts, without the need for a waiting period that previously extended to six months." He explained,
 
"The market may witness some fluctuations, but he ruled out the possibility of achieving large profits from importing irregular goods, in light of the Iraqi economy, which relies heavily on the dollar and its high value globally." He pointed out that
 
"the Iraqi economy will not face major fears as a result of this change, stressing the importance of adhering to banking procedures to ensure market stability and facilitate import operations."
 
Closing the dollar selling platform may be a technical measure linked to the end of the fiscal year, but it raises economic and social challenges that must be treated with caution.
 
Maintaining market stability and the exchange rate requires effective coordination between the central bank and the government, while developing proactive plans to avoid worsening the economic crisis. Ended 25/S    
  
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