INSTEAD OF “GRANTING IT EXCLUSIVELY TO FOREIGN BANKS”, A PROPOSAL TO OFFER THE DOLLAR ON “TRADING PLATFORMS”
(WOW! news but a duplicate news on a different channel from last week)
Economic experts and specialists considered that the Central Bank’s attempt to avoid responsibility for the currency auction and sale came through delegating this task to foreign banks instead of it, indicating that the bank must open the door to competition and offer Dollar for trading instead of sending it exclusively to some Foreign banks.
Financial and banking researcher Mustafa Hantoush said on Thursday that the Central Bank seeks to avoid responsibility for the currency auction and foreign trade by authorizing foreign banks that have accounts in correspondent banks with the approval of their branches or foreign owners, according to the Governmental newspaper the morning.
He pointed out that if the Central Bank wanted to reduce the gap in the dollar, it must open the door to competition between banks and rely on a basket of currencies to expand the options available in the market, calling for amending the criteria for evaluating local banks and raising their financial capabilities, which would contribute to achieving stability and increasing competitiveness, and thus stabilizing the Dollar price.
Hantoush suggested the possibility of converting Dollar To stock market trading platforms, to be sold to beneficiaries through direct transactions instead of sending Dollar exclusively to banks, stressing the need to regulate these operations by switching to the “Forex” market, and implementing mechanisms that ensure that funds are not transferred until the goods arrive with the guarantee of the banks.
He explained that these procedures would increase tax revenues and limit Illegal commerce, which contributes to strengthening the national economy.
