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Economist: The statements of some officials are behind the rise in the price of the dollar, and the solution is in the hands of the Central Bank
economy breaking Central Bank of Iraq The rise in the price of the dollar Officials' statements
2023-07-26 07:49
Shafaq News/ The Kurdish economist, Goran Jabbar, revealed on Wednesday that the statements of some officials led to an increase in the exchange rates of the US dollar against the Iraqi dinar, indicating that the Central Bank of Iraq can solve the problem.
Jabbar, who is the official spokesman for the currency market in Sulaymaniyah, told Shafaq News agency,
"The price of the dollar soared this afternoon to reach its highest levels in the last two months, reaching 158 thousand dinars per 100 dollars, but it has declined this afternoon to 156 thousand dinars per 100 dollars."".
Jabbar ruled out that the imposition of sanctions by the US Treasury Department on 14 Iraqi banks was behind the high price of the dollar, noting that
"banning these banks does not have a significant impact, as the volume of their transactions in dollars does not exceed 1.29%, and
their acquisition of the dollar does not exceed 8%." He explained that
"the real reason is the statements of some officials who stated that sanctions are expected to be imposed on the Central Bank of Iraq in the month of November next, and
this raised the concerns of citizens, which made them transfer their financial savings to dollars, and
thus led to an increase in demand for foreign currency during the period." previous days".
Jabbar denied that the United States imposed sanctions on the Central Bank of Iraq, stressing that
it is "false, since the bank deals with Iraqi oil imports, and
in the event that the Central Bank is banned, this means that Iraq will not export crude, which affects the global economy due to the large volume of Iraqi oil exports daily."". He pointed out that
"some banks have so far been smuggling currency to countries that have US sanctions, and
senior officials stand behind these banks, and
if the Central Bank of Iraq does not take real measures towards those banks, the matter may reflect on the local economy because Iraq is a consumer country and imports hard currency."
Regarding the appropriate measures to address the crisis, Jabbar believed that
the central bank should take "strict measures against those banks, as it did four months ago when the value of the dollar reached 167 thousand dinars for every 100 dollars, until it declined after that to settle at 148 thousand dinars." He concluded by saying,
"The Central Bank of Iraq must grant loans to small projects, and the process of granting foreign currency to merchants and those who wish to travel through financial dealing companies (money changers) must be facilitated and expanded."
Earlier today, the deputy head of the Parliamentary Finance Committee, Ahmed Mazhar, told Shafaq News agency,
"The Central Bank took a wrong decision when it allowed exchange companies to sell dollars directly to citizens wishing to travel outside Iraq." Mazhar asked,
"We do not know how the central bank administration made such a decision?", indicating that
"this decision may collide with the policy of the US Treasury, and new sanctions may be issued that may affect the central bank if the situation continues as it is now."
Yesterday, Monday, the Central Bank of Iraq decided, according to Shafaq News Agency, to "facilitate cash sales in US dollars for travelers.
It was decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinar and dollar currencies for the purpose of participating in a sale window and buying foreign currency.
https://www.shafaq.com/ar/اقتصـاد/خبير-اقتصادي-تصريحات-بعض-المس-ولين-ورا-ارتفاع-سعر-الدولار-والحل-بيد-البنك-المركزي
economy breaking Central Bank of Iraq The rise in the price of the dollar Officials' statements
2023-07-26 07:49
Shafaq News/ The Kurdish economist, Goran Jabbar, revealed on Wednesday that the statements of some officials led to an increase in the exchange rates of the US dollar against the Iraqi dinar, indicating that the Central Bank of Iraq can solve the problem.
Jabbar, who is the official spokesman for the currency market in Sulaymaniyah, told Shafaq News agency,
"The price of the dollar soared this afternoon to reach its highest levels in the last two months, reaching 158 thousand dinars per 100 dollars, but it has declined this afternoon to 156 thousand dinars per 100 dollars."".
Jabbar ruled out that the imposition of sanctions by the US Treasury Department on 14 Iraqi banks was behind the high price of the dollar, noting that
"banning these banks does not have a significant impact, as the volume of their transactions in dollars does not exceed 1.29%, and
their acquisition of the dollar does not exceed 8%." He explained that
"the real reason is the statements of some officials who stated that sanctions are expected to be imposed on the Central Bank of Iraq in the month of November next, and
this raised the concerns of citizens, which made them transfer their financial savings to dollars, and
thus led to an increase in demand for foreign currency during the period." previous days".
Jabbar denied that the United States imposed sanctions on the Central Bank of Iraq, stressing that
it is "false, since the bank deals with Iraqi oil imports, and
in the event that the Central Bank is banned, this means that Iraq will not export crude, which affects the global economy due to the large volume of Iraqi oil exports daily."". He pointed out that
"some banks have so far been smuggling currency to countries that have US sanctions, and
senior officials stand behind these banks, and
if the Central Bank of Iraq does not take real measures towards those banks, the matter may reflect on the local economy because Iraq is a consumer country and imports hard currency."
Regarding the appropriate measures to address the crisis, Jabbar believed that
the central bank should take "strict measures against those banks, as it did four months ago when the value of the dollar reached 167 thousand dinars for every 100 dollars, until it declined after that to settle at 148 thousand dinars." He concluded by saying,
"The Central Bank of Iraq must grant loans to small projects, and the process of granting foreign currency to merchants and those who wish to travel through financial dealing companies (money changers) must be facilitated and expanded."
Earlier today, the deputy head of the Parliamentary Finance Committee, Ahmed Mazhar, told Shafaq News agency,
"The Central Bank took a wrong decision when it allowed exchange companies to sell dollars directly to citizens wishing to travel outside Iraq." Mazhar asked,
"We do not know how the central bank administration made such a decision?", indicating that
"this decision may collide with the policy of the US Treasury, and new sanctions may be issued that may affect the central bank if the situation continues as it is now."
Yesterday, Monday, the Central Bank of Iraq decided, according to Shafaq News Agency, to "facilitate cash sales in US dollars for travelers.
It was decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinar and dollar currencies for the purpose of participating in a sale window and buying foreign currency.
https://www.shafaq.com/ar/اقتصـاد/خبير-اقتصادي-تصريحات-بعض-المس-ولين-ورا-ارتفاع-سعر-الدولار-والحل-بيد-البنك-المركزي
