KTFA
FRANK26:"THE SOLUTION IS THE NEW EXCHANGE RATE!!!"...........F26
An economic expert indicates a “solution” that will “reduce” the dollar exchange rate
8/22/2024
Today, Thursday (August 22, 2024), the expert in economic and financial affairs, Mustafa Akram Hantoush, commented on the reasons for the fluctuation of the dollar exchange rate in Iraqi markets.
Hantoush told "Baghdad Today" that "the parallel market needs to be dismantled in order for the exchange rate to decrease. Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was returned to buying through the platform, and the exchange rate stabilized at 145 thousand dinars.”
He added, "We have small merchants and there is no easy mechanism for them, and we have trades such as gold and cleaning materials that have not been processed, and we have huge trade with Iran and Syria worth millions of dollars, and these can be processed by giving them currency or gold," stressing, "Most countries have resolved the problem of trade with Iran, despite the American sanctions imposed on them, and solving the problem of travel to those countries.”
The exchange rate of the dollar in the parallel markets rose again, as the markets recorded prices approaching 150,000 dinars for every 100 dollars, despite the fact that the Central Bank of Iraq sells it for 1,320 dinars for every 1 dollar.
With the government's efforts to control prices in the parallel markets, the commercial markets witnessed a decline in the exchange rate in recent weeks, but it rose again, which indicates an economic problem that is still present in the country.
As a result of this, parliamentarians sparked a movement to interrogate the Governor of the Central Bank within the legislative dome, as the Finance Committee in the House of Representatives, on Sunday (August 4, 2024), sent a request to the Presidency of Parliament to interrogate the Governor of the Central Bank .
It was stated in a document appended with the signature of the members of the Finance Committee, which was received by “Baghdad Today”: “We are the members of the Finance Committee listed below who are signatories for the purpose of hosting the Governor of the Central Bank due to a major defect in the management of the bank .”
The document added: “Therefore, we demand that the Governor of the Central Bank be interrogated at the earliest session and in accordance with the applicable articles of the Constitution and internal regulations.”
