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They control the red button.” Banking offices accuse the “deep state” of manipulating the dollar: whales in Baghdad and Erbil
Economy / Special Files |12-27-2023, 13:24 |
Baghdad today - Baghdad
The dollar exchange rates throughout Iraq witnessed a slight decline at descending levels for a week, which left impressions on the Iraqi street of the success of the government and the Central Bank’s plans to control the rise in the dollar exchange rates to 20-25 points above the official price of 132 thousand dinars for every 100 dollars.
In light of this decline, today, Wednesday (December 27, 2023), many owners of money exchange offices accused what they called the deep state of manipulating the dollar market, while they indicated that there were no fundamentally justifiable reasons for the decline below 150,000 dinars for every 100 dollars.
Fawad Hadi, a money exchange owner, said in an interview with “Baghdad Today,” that
“the decline and rise of the dollar over the past days is linked to what we call the deep state that controls the parallel market, and
they are the dollar whales in Baghdad and Erbil,” pointing out that
the decline was imaginary in order to withdraw liquidity and then raise... the price". He added,
"There are basically no justifiable reasons for the decline below 150,000 dinars per 100 dollars, but he pushed the 'house dollar' to the banking offices to sell it for fear of a decline. That is, there was something like a psychological state, then it rose again, also for reasons that are still unclear."
Ali Al-Zubaidi, owner of a banking office, said,
“We adopt a board with red buttons on it that determines the exchange rate of the dollar and the rest of the currencies in the parallel market, stressing that whoever controls these buttons is the master of the dollar in the markets.”
He added in an interview with "Baghdad Today",
"The sudden decline and rise has caused a real state of anxiety in the markets and will lead to paralyzing work because we are currently facing a turbulent market and there are no answers to the reasons for the decline and rise together."
While Burhan Ali, an economic specialist, pointed out that
“the demand for buying the dollar during the end of the year holiday increases, especially with the presence of thousands of travelers outside the country, in addition to the nature of the security conditions and the imminent launch of more than 1,300 large projects in the country at the beginning of 2024, all of which are factors that pressure the withdrawal from the parallel market.”.
He admitted in an interview with “Baghdad Today” that
“there is speculation taking place in the parallel market with the publication of inaccurate information that leads to raising or lowering the price of the dollar, pointing out that
lowering the price moved the solid dollar among individuals and pushed them to sell it for fear of its continued decline.”
Earlier today, Wednesday (December 27, 2023), the Parliament’s Finance Committee commented on the decline in the dollar exchange rates in the parallel market.
Committee member Jamal Kujar told Baghdad Today,
“The decline in the dollar exchange rates in the parallel market does not mean the end of the crisis.
Perhaps it is temporary, especially since prices have begun to rise again in the local market.” He added,
"Government measures are still insufficient to solve the dollar crisis in light of the failure to find quick solutions to fill a lot of foreign financing, especially with Iran, Syria, China and others.
This is why we believe that the dollar crisis is continuing and its solution requires a long time."
https://baghdadtoday.news/238724-يتحكمون-بالزرّ-الأحمر.-مكاتب-الصيرفة-تتهم-الدولة-العميقة-بالتلاعب-بالدولار-الحيتان-في-بغداد-وأربيل.html
Economy / Special Files |12-27-2023, 13:24 |
Baghdad today - Baghdad
The dollar exchange rates throughout Iraq witnessed a slight decline at descending levels for a week, which left impressions on the Iraqi street of the success of the government and the Central Bank’s plans to control the rise in the dollar exchange rates to 20-25 points above the official price of 132 thousand dinars for every 100 dollars.
In light of this decline, today, Wednesday (December 27, 2023), many owners of money exchange offices accused what they called the deep state of manipulating the dollar market, while they indicated that there were no fundamentally justifiable reasons for the decline below 150,000 dinars for every 100 dollars.
Fawad Hadi, a money exchange owner, said in an interview with “Baghdad Today,” that
“the decline and rise of the dollar over the past days is linked to what we call the deep state that controls the parallel market, and
they are the dollar whales in Baghdad and Erbil,” pointing out that
the decline was imaginary in order to withdraw liquidity and then raise... the price". He added,
"There are basically no justifiable reasons for the decline below 150,000 dinars per 100 dollars, but he pushed the 'house dollar' to the banking offices to sell it for fear of a decline. That is, there was something like a psychological state, then it rose again, also for reasons that are still unclear."
Ali Al-Zubaidi, owner of a banking office, said,
“We adopt a board with red buttons on it that determines the exchange rate of the dollar and the rest of the currencies in the parallel market, stressing that whoever controls these buttons is the master of the dollar in the markets.”
He added in an interview with "Baghdad Today",
"The sudden decline and rise has caused a real state of anxiety in the markets and will lead to paralyzing work because we are currently facing a turbulent market and there are no answers to the reasons for the decline and rise together."
While Burhan Ali, an economic specialist, pointed out that
“the demand for buying the dollar during the end of the year holiday increases, especially with the presence of thousands of travelers outside the country, in addition to the nature of the security conditions and the imminent launch of more than 1,300 large projects in the country at the beginning of 2024, all of which are factors that pressure the withdrawal from the parallel market.”.
He admitted in an interview with “Baghdad Today” that
“there is speculation taking place in the parallel market with the publication of inaccurate information that leads to raising or lowering the price of the dollar, pointing out that
lowering the price moved the solid dollar among individuals and pushed them to sell it for fear of its continued decline.”
Earlier today, Wednesday (December 27, 2023), the Parliament’s Finance Committee commented on the decline in the dollar exchange rates in the parallel market.
Committee member Jamal Kujar told Baghdad Today,
“The decline in the dollar exchange rates in the parallel market does not mean the end of the crisis.
Perhaps it is temporary, especially since prices have begun to rise again in the local market.” He added,
"Government measures are still insufficient to solve the dollar crisis in light of the failure to find quick solutions to fill a lot of foreign financing, especially with Iran, Syria, China and others.
This is why we believe that the dollar crisis is continuing and its solution requires a long time."
https://baghdadtoday.news/238724-يتحكمون-بالزرّ-الأحمر.-مكاتب-الصيرفة-تتهم-الدولة-العميقة-بالتلاعب-بالدولار-الحيتان-في-بغداد-وأربيل.html
