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Banks working to keep the exchange rate high.. Secrets of the dollar crisis against the dinar
Economy 2024-08-12 | 14:25
3,172 views
Alsumaria News - Economy
Economist Omar Al-Halbousi confirmed that the crisis in the dinar’s exchange rate against the US dollar is due to many factors. Al-Halbousi said, in a press statement:
“It is well known that the rise in the dollar exchange rate and the decline in the value of the Iraqi dinar have been continuing for more than two years, and
here we confirm that the value of the dollar is stable,
but the value of the Iraqi dinar fluctuates between rise and fall, and most often it is a decline.” He continued,
"The rise and fall that the exchange rate of the Iraqi dinar is experiencing against the dollar from time to time is due to several reasons, including the
continuation of trade with the sanctioned countries, which requires financing it from outside the platform, relying on the parallel market,
which is the real controller of the exchange rate.
Until the moment, there is no The central bank has authority over it,” noting that
“there are countries that live on the dollar in Iraq in the absence of the role of the central bank to regulate the exchange rate and stop the currency bleeding, with the penetration of these countries through private banks that dominate the currency selling window.” He explained that
"private banks also push for the exchange rate to remain high, because it benefits them.
They have taken advantage of the law of delivering dollar transfers to individuals and companies coming from abroad and handing them over to their owners in Iraqi dinars and at the official rate, and
then they sell the dollar at the parallel market price, which increases the value of money."
Its profits are therefore a stumbling block in the way of stabilizing the exchange rate and stopping the bleeding of the value of the Iraqi dinar.” He stated that
“remittances and the currency selling window are monopolized by a few banks that control the exchange rate and manipulate it as they please,
which explains why they achieve fantastic profits from dollar transfers, which have become depleting Iraqi oil imports that finance the window, knowing that the high volume of daily dollar sales is very suspicious.”
It contradicts the volume of goods entering, which means the continuation of smuggling the dollar abroad, which is carried out by the banks controlling the window and the remittances, with international complicity,” pointing out that
“the American sanctions and the continued threat of them, is another reason for the continuing decline in the value of the Iraqi dinar against the dollar with the inability to... The Central Bank is working to solve the problem of sanctions with the American side, as well as the inability to control the work of banks and control their fraudulent work, which has caused Iraq to have problems with the Americans, in light of the continued smuggling of the dollar in multiple ways practiced by banks owned by foreign countries.” The economic expert pointed out that
“the government is still relying on the Central Bank and its management to control the exchange rate, which the Central Bank did not succeed in, but rather failed in all its steps, with the arrogance of private banks and their control over the Central Bank with external support, in addition to the influence of these banks within the Central Bank.”
Which means, up to this moment, that he has not found a solution to stop the decline in the value of the Iraqi dinar against the dollar, which will bring us into major problems in the coming days, especially if new American sanctions are imposed on Iraq, in addition to the rise in the geopolitical conflict in the region, which casts a multi-faceted shadow over Iraq.”.
https://www.alsumaria.tv/news/economy/496912/مصارف-تعمل-على-بقاء-سعر-الصرف-مرتفعا-خفايا-ازمة-الدولار-امام-الدينار
Economy 2024-08-12 | 14:25
3,172 views
Alsumaria News - Economy
Economist Omar Al-Halbousi confirmed that the crisis in the dinar’s exchange rate against the US dollar is due to many factors. Al-Halbousi said, in a press statement:
“It is well known that the rise in the dollar exchange rate and the decline in the value of the Iraqi dinar have been continuing for more than two years, and
here we confirm that the value of the dollar is stable,
but the value of the Iraqi dinar fluctuates between rise and fall, and most often it is a decline.” He continued,
"The rise and fall that the exchange rate of the Iraqi dinar is experiencing against the dollar from time to time is due to several reasons, including the
continuation of trade with the sanctioned countries, which requires financing it from outside the platform, relying on the parallel market,
which is the real controller of the exchange rate.
Until the moment, there is no The central bank has authority over it,” noting that
“there are countries that live on the dollar in Iraq in the absence of the role of the central bank to regulate the exchange rate and stop the currency bleeding, with the penetration of these countries through private banks that dominate the currency selling window.” He explained that
"private banks also push for the exchange rate to remain high, because it benefits them.
They have taken advantage of the law of delivering dollar transfers to individuals and companies coming from abroad and handing them over to their owners in Iraqi dinars and at the official rate, and
then they sell the dollar at the parallel market price, which increases the value of money."
Its profits are therefore a stumbling block in the way of stabilizing the exchange rate and stopping the bleeding of the value of the Iraqi dinar.” He stated that
“remittances and the currency selling window are monopolized by a few banks that control the exchange rate and manipulate it as they please,
which explains why they achieve fantastic profits from dollar transfers, which have become depleting Iraqi oil imports that finance the window, knowing that the high volume of daily dollar sales is very suspicious.”
It contradicts the volume of goods entering, which means the continuation of smuggling the dollar abroad, which is carried out by the banks controlling the window and the remittances, with international complicity,” pointing out that
“the American sanctions and the continued threat of them, is another reason for the continuing decline in the value of the Iraqi dinar against the dollar with the inability to... The Central Bank is working to solve the problem of sanctions with the American side, as well as the inability to control the work of banks and control their fraudulent work, which has caused Iraq to have problems with the Americans, in light of the continued smuggling of the dollar in multiple ways practiced by banks owned by foreign countries.” The economic expert pointed out that
“the government is still relying on the Central Bank and its management to control the exchange rate, which the Central Bank did not succeed in, but rather failed in all its steps, with the arrogance of private banks and their control over the Central Bank with external support, in addition to the influence of these banks within the Central Bank.”
Which means, up to this moment, that he has not found a solution to stop the decline in the value of the Iraqi dinar against the dollar, which will bring us into major problems in the coming days, especially if new American sanctions are imposed on Iraq, in addition to the rise in the geopolitical conflict in the region, which casts a multi-faceted shadow over Iraq.”.
https://www.alsumaria.tv/news/economy/496912/مصارف-تعمل-على-بقاء-سعر-الصرف-مرتفعا-خفايا-ازمة-الدولار-امام-الدينار
