EXPERT: THE CENTRAL BANK INTENDS TO ELIMINATE THE GAP BETWEEN THE OFFICIAL DOLLAR EXCHANGE RATE AND THE PARALLEL MARKET RATE.
Economic and financial expert, Safwan Qusay, confirmed the Iraqi Central Bank’s determination to eliminate the gap between the official dollar exchange rate and its price in the parallel market, noting the existence of intensive specialized efforts to address the imbalances in the monetary and commercial system.
Qusay said, during his appearance on the “Free Talk” program on Al-Furat satellite channel, that: “The Central Bank is working to reduce the price gap to zero through well-thought-out procedures involving specialists aimed at controlling the movement of the dollar and limiting irregular speculation.”
He explained that “about 70 percent of the private sector is still outside the Skoda system, which weakens control over foreign trade,” noting that “the American company K2 is monitoring and tracking irregular trade in Iraq.”
Qusay stressed that “addressing this issue requires collective management and high-level coordination to control the trade system, especially at border crossings,” indicating that “the transition of the Iraqi economy from a closed system to a free economy requires a clear roadmap and linking Iraq to clean and transparent global markets.”
He revealed that there is a timetable and ongoing meetings with Oliver Wyman, stressing that the banks that were sanctioned have had restrictions lifted from them after complying with the Central Bank’s procedures, especially in the field of technology investment and banking governance.
He pointed out that “the Skoda system actively contributes to strengthening the banking system and regulating foreign trade,” explaining that “controlling the entry of goods requires the adoption of advanced technological systems through long-term contracts.”
Qusay concluded his remarks by pointing out that “Iraq has taken decisions to ban the import of some goods, including gold and mobile phones, as part of a policy to regulate imports and control market activity.”