Home
The dinar is recovering and will return strong and stable
Articles Yesterday, 15:47
Sameer Al-Nusairi
When the exchange rate crisis began to intensify and worsen more than two months ago, extremist and pessimistic opinions were spreading here and there that the crisis will continue, and our situation will be like that of Lebanon, Iran, Syria and Turkey when the dollar devoured the local currencies of these countries.
But through our accurate knowledge of the monetary situation of the Central Bank and its escalating reserves of foreign exchange, and its balance exceeded 100 billion dollars and 15 billion dollars in government reserves, which covers up to 145% of the exported local currency and 130 tons of gold,
and what is available continuously and daily as revenues from oil sales in addition to its assets in the exported national currency
And what is available in the bank’s coffers will make it dominant by implementing its procedures to cover the demand for the dollar in the trading market and through its various official outlets.
This is what I confirmed in more than ten previous articles that the
dinar will recover and the crisis is temporary despite all the external and internal causes
because we know very well that the central banks in the countries of the world mainly aim to
achieve economic stability by achieving stability in the monetary system and the financial system through their programs and strategies aimed at preserving Stability in the exchange of its local currencies against other foreign currencies and the
building of sufficient foreign cash reserves to cover its local currency in trading and
hedging for expected risks in accordance with special international standards issued by the Financial Action Task Force (FATF) and other international organizations and the
follow-ups of the US Treasury and the US Federal Reserve concerned with the safety of dealing internationally with their currency (the US dollar) to comply with the rules of compliance, combating money laundering and terrorist financing, controlling foreign transfers, and ensuring that they reach the real and final beneficiary.
Therefore, the Central Bank's measures to increase the demand for the dollar and the negotiating and shuttle rounds of the Central Bank in Istanbul and Washington and the understandings that were reached support the bank's procedures by not creating any restrictions on the external transfer process as long as the purposes and sources of funds are legitimate, and whenever the entry of merchants and those who need dollars into the electronic platform Soon;
Balance is achieved in the money market as well as reforming and developing the banking sector and facilitating the procedures for external transfers to China directly through JPMorgan Bank, which was formed up to $53 billion in 2022, and the right decisions of the Central Bank’s Board of Directors to issue the first package of facilities and flexibility to mitigate the crisis and its important decision to raise the exchange rate For the dinar and adjusting the price to 1300 dinars for the financial and 1310 for banks through the platform and 1320 for the public and the speed in the government’s approval of the new price and immediately proceeding to deal with it, which led and will lead to the return of the money market to a situation
Therefore, we hope that the next stage will be an evaluation and analytical stage for the reasons that led to the exacerbation of the crisis and the re-evaluation of public financial policies,
because the real reform begins with it as well as the evaluation and classification of some licensed and unlicensed banks and exchange offices, which still play a role opposite to the procedures of the Central Bank, with an emphasis on the inclusion of new categories of financial institutions. Merchants and importers, especially small traders, to practice their import activities in an open and flexible way to deal in dollars in accordance with international and local standards and requirements through the platform.
https://www.ina.iq/178636--.html
