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Is commercial policy or banks bear the instability of the exchange rate?
A side of the Shurja market in Baghdad
Articles
Maytham Al-Bolani
It is necessary to stand on the economic changes and transformations that took place after 2003,
the most important of which is the growth of Iraqi per capita consumption, which was accompanied with external openness, which caused an increase in the volume of imports. Any controls and are not subject to taxes and fees as a result of rampant corruption in government departments and other factors.
All these factors produced an unregulated commercial system,
for example, a merchant who deals in millions of dollars is not officially registered and ships goods in the names of customs clearance companies and does not have a commercial record, for fear of the tax system in Iraq, and
therefore the system destroyed the banking system, through unregulated trade And financial transfer according to messages via social media applications, which transfer money in moments, which has become more flexible for the commercial sector,
but it had adverse and negative results on the banking sector,
which exposed it to risks and obtained a low rating in compliance with the rules of money laundering and terrorist financing.
The commercial sector received a shock from the US Federal Bank,
which changed the rules of financial transfer
from old rules established by the banking system based on the requirements of the commercial sector
to solid rules through the remittance platform (despite our reservations about some technical failures in this platform),
but the question is whether the commercial sector is able to adapt himself according to these banking requirements in order to be able to continue,
A warning was issued against the attempts of some people to drag the banking sector to adapt its situation to a distorted commercial policy, and
the opposite must be to support the commercial sector by adapting its legal status,
here is the role of the Central Bank of Iraq and its ability to exercise its supervisory role on banks and motivate them in order to develop their practical tools, and
the results will be positive if the vision is completed between the commercial sector and the reforms that the government must consider, which contributes to reducing the price of dollar exchange.
Views 217 Added 08/11/2023 - 6:12 PM
https://economy-news.net/content.php?id=35633
A side of the Shurja market in Baghdad
Articles
Maytham Al-Bolani
It is necessary to stand on the economic changes and transformations that took place after 2003,
the most important of which is the growth of Iraqi per capita consumption, which was accompanied with external openness, which caused an increase in the volume of imports. Any controls and are not subject to taxes and fees as a result of rampant corruption in government departments and other factors.
All these factors produced an unregulated commercial system,
for example, a merchant who deals in millions of dollars is not officially registered and ships goods in the names of customs clearance companies and does not have a commercial record, for fear of the tax system in Iraq, and
therefore the system destroyed the banking system, through unregulated trade And financial transfer according to messages via social media applications, which transfer money in moments, which has become more flexible for the commercial sector,
but it had adverse and negative results on the banking sector,
which exposed it to risks and obtained a low rating in compliance with the rules of money laundering and terrorist financing.
The commercial sector received a shock from the US Federal Bank,
which changed the rules of financial transfer
from old rules established by the banking system based on the requirements of the commercial sector
to solid rules through the remittance platform (despite our reservations about some technical failures in this platform),
but the question is whether the commercial sector is able to adapt himself according to these banking requirements in order to be able to continue,
- by implementing the procedures represented in establishing an official company first and opening bank accounts for it, and
obtaining a tax record despite the harshness and brutality of the Iraqi tax system, and
shipping in the names of the importers themselves and
transfer by the banking system and
according to international norms and the required compliance rules..
A warning was issued against the attempts of some people to drag the banking sector to adapt its situation to a distorted commercial policy, and
the opposite must be to support the commercial sector by adapting its legal status,
- creating tax and customs reforms to serve this sector, which has been exposed and is subject to many calamities and calamities, and
maintaining a strong, discreet banking sector with the ability To keep abreast of developments and is able to meet the requirements of correct trade, and
here is the role of the Central Bank of Iraq and its ability to exercise its supervisory role on banks and motivate them in order to develop their practical tools, and
the results will be positive if the vision is completed between the commercial sector and the reforms that the government must consider, which contributes to reducing the price of dollar exchange.
Views 217 Added 08/11/2023 - 6:12 PM
https://economy-news.net/content.php?id=35633
