4/21/2024

Baghdad – 
 
Economic affairs researcher, Manar Al-Obaidi, warned today, Sunday, of the emergence of large financial whales of a new type, with the continued difference in the dollar exchange rate between the official and the parallel, while commenting on a report that talks about corruption in the file of selling the dollar to travelers outside Iraq, worth 600 million dollars, Hinting at the possibility of taking a decision to float the dinar to stop waste.
 

The newspaper “ Al-Alam Al-Jadeed ” had published documents issued by the Financial Supervision Bureau, about an investigation it conducted into a major corruption file in the operations of selling the dollar to citizens traveling outside Iraq, revealing that more than 151,000 citizens obtained American currency at the official state rate under the pretext of traveling without paying it. They leave the country, which means selling these amounts on the black market, which is estimated at more than $600 million.

Manar Al-Obaidi - a researcher in economic affairs, in an interview with the journalist Hisham Ali, followed by the 964 network :

I believe that this report proved the manipulation, and its aim is to take advantage of travelers, and the report made clear that there is inefficiency in the system used to sell the dollar.

When you read the report, it shows you that some departments in the Central Bank were unable to intersect the data on the platform with the real data. Yes, there are some penalties imposed on banking companies, but when the numbers reach this level, these are large numbers.

As long as there is an increasing demand for the dollar, in exchange for the inability of the Iraqi state to provide the dollar to the local market, there will be more than one way to benefit from this issue, and we do not deny that the difference between the official price and the parallel market tempts any party, as 10 thousand dollars can earn 500 dollars. Because of the currency difference.

If the state cannot control the exchange rate, why not make it floating? Why the fear of the idea of ​​floating the dollar? Why does the state say that the exchange rate is 1320 dinars, and the price in the market is 1450, and no one can control this difference? I think that the government is afraid of the public’s reaction if it returns the exchange rate to above 1400, but the reality says that The exchange rate is 1480.

Why do we need the dollar as Iraqis? Because we are a country of consumption, and here I ask where is our policy in reducing consumption. Since 2022, I have been talking about the necessity of reducing consumption, and today a report was issued by Chinese customs talking about an increase in Iraq’s import of Chinese goods by 19%, and Turkey also said that Iraq’s import of them reached 22%. %, and in 2023, Iraq imported goods worth about 71 billion dollars from 9 countries.

The government has a fear of the people’s reaction to the decisions it takes, and it is a legitimate fear, but as a result there are those who clearly benefit from this currency difference, and the continuation of this benefit will create a type of new whales, and in larger numbers.

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