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A member of the Parliamentary Finance Committee, Ahmed Rashid, on Sunday (June 6, 2021), attributed the increase in central bank sales of the US dollar to two reasons, one of which is the "continuation" of smuggling it abroad.
Rashid told IQ NWES , "The move to raise the price of the dollar against the Iraqi dinar contributed to reducing the financial deficit in the Federal Budget Law for the year 2021, but it failed to reduce the smuggling of hard currency abroad, in parallel with the government's failure to control the markets and prevent raising the prices of goods and merchandise." .
He added, "The rise in central bank sales of the dollar after it declined in the first months of approving the new exchange rate in the budget law, is due to the citizens' resort to storing the dollar in their homes for fear of the collapse of the Iraqi dinar, considering the dollar an easy currency to exchange and keep."
He continued, "The continuation of the smuggling of hard currency, as well as the removal of the dollar from Iraq to import goods and commodities, is the second reason for the increase in the Central Bank's sales of this currency."
Earlier in the day, the Central Bank of Iraq sold, through its currency auction, more than 207 million dollars, in light of the high exchange rate of the dollar against the Iraqi dinar by 150 thousand dinars per 100 dollars.
These sales were distributed, according to an official statement by the bank, by 180 million dollars for the purposes of strengthening balances abroad "remittances - credits", and 26 million and 700 thousand dollars were sold in cash.