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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The government is grappling with the dollar crisis on its own.. The Central Bank's verbal solutions

    Rocky
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    The government is grappling with the dollar crisis on its own.. The Central Bank's verbal solutions Empty The government is grappling with the dollar crisis on its own.. The Central Bank's verbal solutions

    Post by Rocky Wed Jan 18, 2023 5:10 pm

    The government is grappling with the dollar crisis on its own.. The Central Bank's verbal solutions and the Association of Banks are "evading"[You must be registered and logged in to see this link.]
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    Baghdad today - Baghdad
    Since the US Federal Bank imposed strict restrictions and requirements in front of the dollar sales outlets in the foreign currency auction at the Central Bank of Iraq to control its smuggling operations to neighboring countries, Iraq has witnessed in the past weeks an unprecedented rise in the exchange rates of the dollar against the dinar, in the country's local markets, at a time when it is offset by a clear governmental inability to put in place actual remedies to end the farce of the rise and return it to its previous status, where it was stable at 146 thousand per hundred dollars. 
    The fluctuation of the exchange rate of the dollar in the local markets led to the turmoil of the commercial movement in the country, which contributed to the rise in consumer prices, which raises many questions about the reasons for the high exchange rate, and its relationship to the procedures of the Central Bank of Iraq and the prevention of several banks from entering the currency sale auction after warnings From the US Treasury.
    Among them are monopolistic factors.. The reasons for the rise in the dollar in the markets
    The reasons for the price hikes are due to monopolistic factors imposed by forces of speculators in the market to collect profits extracted from a living, especially since the goods supplied to Iraq and all their stocks as well as the current imports are all funded at the official exchange rate, but unfortunately they are subject to invalid price expectations as a result of price speculation in When all imports are supplied, including stocks, at the exchange rate of the foreign currency window, in which the exchange rate does not exceed 1470 dinars per dollar,” this is what the economic and financial advisor to the Prime Minister, Mazhar Muhammad Salih, spoke to (Baghdad Today).
    And Saleh indicated that "automatic re-pricing of commodities according to black market indicators is an exploitation of people's power, speculation with people's valor, and an illegal breach of all moral and human rules," noting that "the foreign currency window and rules of Discipline in it was established to prevent manipulation of foreign currency uses outside the purposes of financing foreign trade.” It is for the private sector to protect the higher interests of the country from the loss of foreign exchange outside its proper purposes.
    He stressed, "Clean commercial transfers that follow the rules of international trade are still free in Iraq and are carried out through the Iraqi banking system abroad, and are done automatically and at a stable exchange rate and are in the interest and prosperity of Iraq." "

    Attempts to blackmail the Sudanese government..!
    For his part, the leader of the Al-Fateh Alliance, Uday Abdul-Hadi, told (Baghdad Today) that "the rise of the dollar in the Iraqi markets is only a preliminary picture of the White House's attempts to blackmail the government of Muhammad Shia' al-Sudanese to achieve a multiple agenda."
    He added, "The most prominent of this agenda is pressure on the Sudanese government to support some of its plans in the Middle East, especially its position on the axis of resistance," stressing that "Washington is exploiting its ability to pump dollar liquidity into Iraq in an attempt to create an economic crisis by raising prices and putting pressure on 13 million Iraqis.” Below the poverty line".
    While Abdel-Hadi described the talk about other reasons behind raising the dollar as "a mere scattering of ashes in the eyes about the real reason."
    Since the rise in the exchange rates of the dollar, the Central Bank says that the rise is temporary, and the price will return to be within the limits of the official exchange rate in the currency auction of 1460 dinars, setting a time limit that ends At the end of January to achieve this goal, according to what the Central Bank's advisor, Ihsan Al-Yasiri, spoke in a statement. A journalist I followed (Baghdad Today).
    He added, "The US Federal Bank has set strict conditions that oblige us to display lists in the dollars sold, including the names of the persons and beneficiaries, and it takes 15 days to state the bank's position on the soundness of the purchase process for the party submitting the request, and the sale process stops in the event that the Federal Bank objects to a specific name, because it is required.” Or he found a suspicion of the purpose of buying the dollar.
    This measure reduced the funds sold in the Central Bank, which caused a shortage of dollars in the local market, which prompted an unprecedented rise in its price.
     
    An urgent roadmap to find out the causes
     The leader in Diyala's resolve, Najat al-Ta'i, assured (Baghdad Today) that the dollar's rise calls for an urgent road map to explain the reasons for the weakness of the national economy in the face of crises, despite the abundance of funds from the sale of crude oil.
    Al-Taie asked about "the date of the parliament holding a meeting to discuss the dollar crisis, which may get out of control at any moment and lead everyone to the unknown."
     
    For his part, the leader of the Law Coalition, Turki Jadaan, confirmed that "the dollar crisis requires a change in the management of the central bank, which is an opinion that was put forward in the recent framework meetings, in addition to the possibility of pumping more dollars into the markets through banks and exchanges, and there is an opinion indicating that part of the employees' salaries should be paid in dollars.” ".
    Jadaan added to (Baghdad Today) that "the dollar crisis has raised prices by 10% in the market and may lead to a wave of demonstrations soon," pointing out that "there must be urgent steps and solutions from the Iraqi government."

    What is the role of the Central Bank and the Association of Banks in controlling the dollar?
    “The Central Bank and the Association of Banks are negligent in the issue of the rise in dollar prices and the lack of control over it,” Khalid Haidar, an expert and professor of economics at the University of Sulaymaniyah, confirmed to (Baghdad Today) .
    Haider said, "About 70 requests submitted through the Central Bank by merchants and importers to obtain dollars from the US Federal Reserve have been rejected."
    He added, "The measures of the Central Bank and the Association of Banks to control the rise in the exchange rate are weak and limited and do not commensurate with the size of the large economic crisis in the country."
    For his part, the economist Muhammad Jamal told (Baghdad Today) that "the central bank bears the bulk of the crisis of the rise in the exchange rate of the dollar, just as the Association of Banks did not control the rise in the price due to the randomness of private banks, and the lack of control over the window for selling the currency, which causes a significant increase in the exchange rate.
    He added, "If the merchants' requests are not specified, we are facing a major crisis in which the exchange rate may reach 170,000 dinars during the next few days."

    The Association of Banks is "evading"... a statement that does not rise to the crisis and embracing the banks involved 
    Earlier, the Association of Banks issued a statement regarding the high exchange rate of the dollar against the Iraqi dinar, but although the first accused of the dollar crisis are banks affiliated with the umbrella of the Association of Banks, the latter issued a statement that does not rise to the scale of the crisis.
    The association began its statement by saying that it and its member banks are "monitoring" the recent rise in the exchange rate, while reviewing the Central Bank's procedures that the bank had previously revealed in its repeated statements.
    This statement prompted a number of bankers to deplore the role of the Association and the weakness of its position on the implicated banks affiliated with it.
    Today, Baghdad repeated its attempts to contact the Association of Iraqi Private Banks to find out its role or activity in stabilizing the Iraqi market and mitigating the effects of the recent rise in the exchange rate of the dollar, which exceeded 160 thousand dinars per 100 dollars. , but the Association did not comment, and its role is still unknown until the moment whether it has Contributed or joined courses or workshops or submitted proposals or plans to reduce the exchange rate.

    Editing: AQ
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