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Control of the exchange rate is achieved by supporting the Central Bank's measures
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Sameer Al-Nusairi
Since last week, and
in continuation of the efforts of the government and the Central Bank,
specialized work cells and teams from the cadres of the Central Bank and banks, with the
follow-up of the Prime Minister and the Parliamentary Finance Committee, and under the
direct supervision and management of the Governor of the Central Bank,
have begun to hold a series of meetings, discussions and reviews of instructions with the aim of simplifying the procedures that lead to To secure the US dollar in the quantities required to cover the foreign trade needs of merchants, businessmen and importers (companies and individuals) through the banking system, as well as covering the needs of citizens traveling outside Iraq for all purposes. In addition, the
tireless efforts of the Central Bank and the government to coordinate at a high level and directly with international technical requirements, in a manner that guarantees the arrival of the dollar to the real beneficiary,
while preserving the bank’s foreign currency reserves with the bank and with other banks according to the highest levels of care, transparency and responsibility.
And from our analysis of the current situation of the money market in Iraq and the continued flow of the dollar according to the daily rates of oil imports and the availability of foreign cash reserves of about $115 billion.
It makes us reassured that the current exchange rate crisis is temporary, and the price will return to its targeted rates from the Central Bank in a short time.
This requires governmental and parliamentary cooperation and support and keeping the crisis away from bickering, tensions and political conflicts,
as well as media support for the Central Bank’s procedures and non-interference of non-specialized analysts who are hosted in Some media channels to harm the independence of the Central Bank and the reputation of our national economy internationally.
We commend here the government's measures to track down speculators in the currency market and unlicensed money changers who harm the money market and the commercial market, and we bet that the crisis will end in the short term.
We hope that the trolls understand that the duties and tasks of the Central Bank are clear and defined in its law in force and that it implements them in accordance with its independence and its monetary policy and its tools.
It is not one of its tasks to control the border crossings and the customs system, nor to follow up and control speculators in the currency market,
nor is it responsible for the lack of local production that covers the needs of citizens
It is not responsible for increasing the ration ration or committing to distributing it on time to citizens,
nor is the Central Bank responsible for providing sufficient social welfare allocations to meet the needs of the poor, and
the Central Bank is not responsible for activating the productive sectors in agriculture and industry and diversifying sources of national income.
Therefore, the responsibility to maintain the stability of the exchange rate is the responsibility of everyone, the central bank, the government, banks, the media and citizens.
Views 358 Added 02/01/2023 - 10:32 AM Updated 2023/02/19 - 9:00 PM
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