STATUS OF THE RV, PART. 2
😊Then in our second article on this same topic we learn that in fact what this first article claims is NOT happening. The article is titled “AL-NUSAIRI: EXPLAINS THE NEW MECHANISM FOR EXTERNAL TRANSFERS AFTER THE PLATFORM IS CLOSED”.
I quote from this article “the electronic platform was a stage in this direction, and now we have reached the stage that is practiced in the countries of the world according to international banking standards through the direct relationship between local banks and correspondent banks.”
Do you really think the CBI does not have a long term plan they are working through?
Do you think they don’t know what they are doing? Here is yet more quotes from this second article “that speculation in dollars on the black market is punishable by law.”
Also “limiting the sale of cash dollars to travelers and through a strict mechanism has made cash dollar sales at a minimum level, and therefore what is in circulation is what remains with travelers.” This is really almost the only source now for the parallel market to obtain dollars.
Then I quote also: “ We should look at the price at which the Central Bank covers all external operations, including imports and personal transfers for the purposes of study and treatment abroad and legitimate purposes, which explains the stability of prices in light of the current inflation rate, which is about 3.1% less than the inflation rates in Arab, regional and neighboring countries. So, inflation is not occurring and is low. Remember I told you the main concern of the CBI in this move would be inflation and so there is little inflation, in fact the level is totally normal and acceptable.
Then the best part of the article is the CBI is telling us that this new strategy is normal and is working so far. I quote: “This means that the Central Bank has achieved a basic objective of monetary policy.”
The in the article Al-Nusairi sets the record straight and that the parallel market is NOT important anymore to the Iraqi economy. I quote: “Al-Nusairi expressed his surprise that some people calculate the banks’ revenues from selling the dollar (in the parallel market price) by measuring the difference between the market price and the official price, which is a big mistake because the banks do not transfer at the market price but at the official price monitored by the Central Bank” So this last quote says it all. The Black Market is doomed to fail. It is just a matter of time and it won’t be much longer.
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