Home
Speculators
The first 10/08/2024
The editor-in-chief wrote:
Iraqi law explicitly criminalizes speculation operations that lead to influencing the exchange rate of the local currency and punishes those who commit them.
Article 44 of the Money Laundering Law of 2015 stipulates that these people are punished with one year imprisonment and a fine of one million dinars.
Although the reform packages undertaken by the government since its first days were successful, and despite the Central Bank's many sales of hard currency, the activity of speculative gangs contributed to maintaining the same large difference between the official price and the parallel market price.
We know that this confusion in the exchange rate variation is primarily due to the arbitrary monetary policy pursued by the former regime, especially during the siege, which made the Iraqi banking system a ruin and distanced it from the systems followed internationally.
However, the monetary policies that followed the change in 2003 also did not provide successful solutions.
They did not succeed in building a banking system that would provide services recognized in all countries of the world, which destroyed the virtual role of banks in building the country’s economy.
In this context specifically comes the directive of Prime Minister Muhammad Shia Al-Sudani yesterday regarding the necessity of pursuing speculators who exploit the political and security crises that the region is going through, and not to be lenient or lenient with them.
This directive complements the packages of directives related to monetary policy that the current government has initiated since its formation, most notably the government incentive program for the use of electronic payment tools, because the lack of knowledge of many citizens in using credit cards also contributes to the exacerbation of this crisis.
https://alsabaah.iq/103769-.html
The first 10/08/2024
The editor-in-chief wrote:
Iraqi law explicitly criminalizes speculation operations that lead to influencing the exchange rate of the local currency and punishes those who commit them.
Article 44 of the Money Laundering Law of 2015 stipulates that these people are punished with one year imprisonment and a fine of one million dinars.
Although the reform packages undertaken by the government since its first days were successful, and despite the Central Bank's many sales of hard currency, the activity of speculative gangs contributed to maintaining the same large difference between the official price and the parallel market price.
We know that this confusion in the exchange rate variation is primarily due to the arbitrary monetary policy pursued by the former regime, especially during the siege, which made the Iraqi banking system a ruin and distanced it from the systems followed internationally.
However, the monetary policies that followed the change in 2003 also did not provide successful solutions.
They did not succeed in building a banking system that would provide services recognized in all countries of the world, which destroyed the virtual role of banks in building the country’s economy.
In this context specifically comes the directive of Prime Minister Muhammad Shia Al-Sudani yesterday regarding the necessity of pursuing speculators who exploit the political and security crises that the region is going through, and not to be lenient or lenient with them.
This directive complements the packages of directives related to monetary policy that the current government has initiated since its formation, most notably the government incentive program for the use of electronic payment tools, because the lack of knowledge of many citizens in using credit cards also contributes to the exacerbation of this crisis.
https://alsabaah.iq/103769-.html
