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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Financial expert: The Central Bank is floundering with decisions and does not have real solutions to

    Rocky
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    Financial expert: The Central Bank is floundering with decisions and does not have real solutions to Empty Financial expert: The Central Bank is floundering with decisions and does not have real solutions to

    Post by Rocky Fri 06 Oct 2023, 4:47 am

    Financial expert: The Central Bank is floundering with decisions and does not have real solutions to the dollar crisis

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    Baghdad today - Baghdad
    Today, Thursday (October 5, 2023), financial affairs expert Ali Al-Rasheed considered that the Central Bank’s decisions are confused and do not have real solutions to the dollar crisis.
    Al-Rashid said in an interview with "Baghdad Today", "All the decisions of the Central Bank regarding its attempt to control the dollar crisis are patchwork measures, and they all indicate the bank's confusion in confronting this crisis, and also indicate that it does not have any real solutions to this crisis, which has begun to affect... significantly affecting the local market.
    He stated that "private banks, especially those affiliated with some influential parties and figures, control the dollar without any oversight by the Central Bank or the Iraqi Banks Association, and this is what prompted the banks to give the dollar to whomever they want without right and outside all legal controls."
    Last February, the Central Bank decided to raise the value of the official exchange rate of the dinar against the dollar by 10 percent in a measure aimed at reducing the depreciation of the currency that accompanied the adoption of more stringent regulations regarding financial transfers outside the country.
    The government then agreed to the Central Bank’s proposal to raise the value of the exchange rate from about 1,470 dinars to 1,300 dinars per dollar, which had a clear impact on the exchange market at that time by reducing prices that reached the level of 1,700 dinars in the parallel market.
    Banks must now manage these transfers through the “SWIFT” electronic platform, which is synonymous with more stringent monitoring of transactions, especially by the US Federal Reserve, which rejects any transfer deemed suspicious.
    With the start of implementing the electronic system, the Federal Reserve rejected 80 percent of banks’ financial transfer requests due to doubts related to the final destination of the amounts being transferred.
    The authorities admitted that the old transfer system allowed many abuses, as some users obtained dollars from the Central Bank through official channels, to carry out money laundering operations abroad or capital flight.
     Source: Baghdad Al-Youm + Agencies
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