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- FRI, 16-04-2021, PM 9:40
- KARRAR AL-ASADI
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Written by: Dr. Emad Abdul Latif Salem
To understand some of what is happening to our economy, our resources, our balance of payments, our budget, our monetary policy, our financial policy, and our economic "reforms" .. I would like to present this brief as a prelude to more in-depth and useful research and studies on this topic.
First: The results of the window for selling foreign currency in the Central Bank of Iraq before the approval of the state budget for the fiscal year 2021 by the House of Representatives (1-4-2021), and before its approval by the President of the Republic (4-8-2021), are as follows: :
1. the results of the sale of foreign currency in the window of the Central Bank of Iraq for the period from Sunday 28/03/2021, on Wednesday to 31/03/2021:
- total sales total: 77,988,937 million (only)
- total cash sales: 0 (zero )
- Total sale for purposes of enhancing funds abroad (transfers and credits): 77,988,937 million dollars.
Second: The results of the window for selling foreign currency in the Central Bank of Iraq after the approval of the state budget for the fiscal year 2021 by the House of Representatives (1-4-2021), and after its approval by the President of the Republic (4-8-2021), are as follows: :
1. the results of the sale of foreign currency in the window of the Central Bank of Iraq for the period from Sunday 11/4/2021, to Thursday , 15/04/2021 (only five days):
- total sales total: 942 515 597 million (approximately One billion dollars, in just five days)
- Total cash sale: 63,970,000 million dollars
- Total sale for purposes of enhancing funds abroad (transfers and credits): 878,545,597 million dollars.
Third: After the budget was approved in the House of Representatives (4-1-2021), the results of the foreign currency sale window in the Central Bank of Iraq continued to provide identical data before its approval, due to doubts (and expectations) that the President of the Republic might not approve it (and what was raised about the ratification of the foreign currency. Raising the value of the dollar against the dinar from an uproar) .. And after the approval of the President of the Republic (4-8-2021), the sales data witnessed a noticeable increase, as follows:
1 - Total sales for 4-6 and 4-7-2021: 52,135,650 million dollars
2 - Total cash sale: 0 (zero)
3 - Total sale for the purposes of strengthening balances abroad (transfers and appropriations): 52,135,650 million dollars
4- Once the President of the Republic approved the budget, the controversy, doubts and expectations about the review of the exchange rate specified in the budget ended, the results were Sales for 4-8-2021 as follows:
- - Total total sales: 124,556,000 million dollars
- Total cash sales: 5,770,000 million dollars
- Total sales for the purposes of enhancing funds abroad (transfers and credits): 118,786,000 million dollars.
Conclusion and Conclusions:
Based on the above data, this means the following:
1- The new “exchange rate” could not reduce the demand for the dollar, or “control” and “legalize” its use to serve the national economy. On the dollar, to their previous rates before the change.
2- The sales of the foreign currency sale window in the Central Bank of Iraq increased from 77,988,937 million dollars only (before the approval and approval of the new exchange rate), to 942,515,597 million dollars, or nearly one billion dollars in just five days (after approval and approval of the new exchange rate. ) .. That is, more than ten times the sales (during the two weeks before and after the state budget was approved) .. We went back to that to the same daily sales rates before raising the value of the dollar against the dinar.
3- Most of the window sales (before and after changing the exchange rate) were intended for the purposes of strengthening assets abroad (transfers and credits) .. Thus, private banks are the main beneficiaries of them, despite all doubts (and suspicions of corruption, waste of foreign currency, laundering Money) surrounding its work, and the value of imports of goods and services mismatch with the value of dollar sales through the window of currency sale.
4- There is information (unconfirmed, or supported by the required documents) that most private banks incurred heavy losses during the months during which the issue of the new exchange rate was not resolved. This means that these "banks" are just "offices" and "shops" for speculating in dollars, and that they do not practice their traditional banking activities and do nothing to benefit the national economy. As soon as the exchange rate "officially" stabilized, these banks made huge profits again. This opinion is based on general information that may not be accurate .. I do not have accurate detailed data on this subject, and one of the duties and main tasks of the Central Bank is to verify this matter.
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