Government advisor: The parallel dollar will approach the official rate within days

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[size=52]Government advisor: The parallel dollar will approach the official rate within days[/size]

[size=45]Baghdad / Firas Adnan[/size]
[size=45]A government advisor confirmed that the parallel market for selling the dollar will witness a new decline during the next ten days and will come closer to the official price, indicating that transfers are currently taking place in an easy and accurate manner, after agreement with the American side.[/size]
[size=45]According to the local stock exchanges, the parallel market exchange rate for yesterday recorded 1440 dinars to one dollar.[/size]
[size=45]The financial advisor in the Council of Ministers, Mazhar Muhammad Salih, said, “The elaborate measures taken by monetary policy in Iraq have become clear at the present time.”[/size]
[size=45]Saleh added, "The price turmoil of the dollar began since the adoption of the electronic platform to pre-check remittances." He pointed out that “remittances constitute 80% of the demand for foreign currency,” noting that “the level of sale ranged between 180 to 200 million dollars.”[/size]
[size=45]Salih stressed, "Iraqi banks have adapted today to comply with the electronic platform," noting that "transfers have become easy."[/size]
[size=45]And he believes that “the market has begun to absorb the accumulation of demand that has not been implemented during the past four months,” noting that “this absorption leads to an approximation of the exchange rate in the parallel market to the official price.”[/size]
[size=45]Salih stressed, "The visit of the Central Bank Governor, Ali Al-Alaq, to ​​Washington witnessed the agreement to conduct some transfers through the platform, but in a more flexible way."[/size]
[size=45]It is expected that “the exchange rate in the parallel market will approach the official exchange rate within 10 days, and in a faster manner.” Saleh stressed that "the difference between the official price and the parallel market was 20 points, and today it has decreased to less than nine points, and it will reach five points in the coming days, while the normal difference required is only two points."[/size]
[size=45]Waad, "The government's measures are success in controlling money, its flow, its transparency, and its governance in the interest of the Iraqi and international economy at the same time."[/size]
[size=45]And Saleh indicated that “the Iraqi economy is strong and has large resources that qualify it to stand in front of foreign currencies if there is a correct economic and monetary policy and political, economic and security stability,” expressing optimism that “the Iraqi economy will stabilize, which will be reflected in the rise of the dinar against foreign currencies.”[/size]
[size=45]For his part, a member of the Parliamentary Finance Committee, Jamal Cougar, stated that “the rise that occurred in the past months in the dollar exchange rate is due to the procedures of the US Federal Bank regarding the currency auction.”[/size]
[size=45]And Cougar continued, “The number of participants in the currency auction reaches 42 banks, and seven major banks have been excluded, and a large part of them has its share of the currency auction.”[/size]
[size=45]He pointed out, "Iraq has suffered during the past period from presenting forged invoices from some banks participating in the currency auction."[/size]
[size=45]And between Cougar, “the exclusion of some banks and the confirmation of the authenticity of the bills tighten the screws on illegal operations.”[/size]
[size=45]And he stressed, “These measures led to a scarcity of the dollar in the markets, and we are facing a shortage,” noting that “full control over the exchange rate of the dollar in the parallel market can only be achieved by obligating all banks to follow the electronic window system.”[/size]
[size=45]He finds that “the measures taken by the Central Bank over the past period to control the exchange rate are good, but not sufficient in order to reach official levels in the parallel market.”[/size]
[size=45]And Cougar concluded, “Parliament is following up on what the executive authorities are working on to control the parallel market and prevent a new rise in the exchange rate.”[/size]
[size=45]It is noteworthy that the market for the parallel exchange rate to the dollar has witnessed great leaps and has sometimes exceeded 1,700 dinars for one dollar, while the government decided to reduce the official rate to 1,300 dollars, and it has adopted this in the draft budget currently before the House of Representatives.[/size]
[size=45]In addition, the media office of the Central Bank of Iraq confirmed, in a statement received by (Al-Mada), that “the governor of the Central Bank, Ali Al-Alaq, and his accompanying delegation met with the regional representative of the World Bank, Farid Belhaj, and his executive team, within the series of meetings of the World Bank and the International Monetary Fund in Washington.”[/size]
[size=45]He added, "The meeting dealt with discussing the reality of the Iraqi banking sector and promoting the concept of financial inclusion in the country through special programs with international institutions, and the two parties also discussed the recent measures taken by the Governor of the Central Bank of Iraq in combating money laundering and financing terrorism, as well as accelerating banking reforms for banks government, and government support for reform in this vital sector.” Al-Alaq stressed, according to the statement, “continuing to support the green economy and renewable energy through the clean energy initiative, which is represented by lending citizens to buy solar energy systems and cooperation with government agencies to ensure the quality of the systems.” Al-Alaq called for “technical support and benefiting from the World Bank’s expertise in expanding the Central Bank’s initiative to lend small projects in light of the successful experiences of other countries.”[/size]
[size=45]And Al-Alaq went on to “create the Department of International Organizations and External Relations, which is linked to the Governor of the Central Bank to organize, strengthen and follow up on relations, programs and memorandums of understanding with organizations and external parties.”[/size]
[size=45]The regional representative of the World Bank, according to the statement, expressed his cooperation “to build the functional and technical capacities of the Central Bank’s employees in the field of banking supervision and oversight of electronic payment companies and non-bank financial institutions.”[/size]
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