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The Association of Iraqi Private Banks announced today, Monday, that the Central Bank's measures to increase the supply of dollars through its approved outlets will lead to a return of exchange rates to their rates quickly.
“The economic and political conditions and their repercussions negatively affect stability in the monetary system and the financial system, and thus this will lead to economic instability and market confusion,” said the association's advisor, Samir Al-Nusairi, in a statement received by ( Al-Oula News).
Al-Nusairi added, “Several days ago, a new wave of criticism began from some media outlets affected by rumors launched and driven by speculators in the currency exchange market with the aim of creating a state of confusion and instability and trying to withdraw the money market into instability and thwarting the central bank's plans to control the target rates for the exchange rate.” The exchange rate, which has remained stable since its adjustment to the new prices of finance, banks and the public.” The letters of guarantee that they are currently being executed,” noting that “given the insufficient readiness of the local banks with the start of the trial application of the platform, part of the foreign transfers was postponed, which resulted in a decrease in the volume of sales of the foreign currency sale window.”
And he stressed that “another rumor is that the central bank will make a new change to the current price,” explaining that “the central bank has repeatedly announced that there is no intention to change the price at present and explained the negative effects of any Change in the price on the national economy, trade exchanges, and domestic and foreign banking dealings with countries.” the scientist".
And he continued, “The exchange rate is determined by the central bank according to the effects and repercussions of the economic reality in a country like Iraq that suffers from challenges, repercussions, economic and financial crises, and a structural and systematic imbalance in managing the economy and money. Monetary, but this cannot be achieved without joint coordination with fiscal policy and other economic sectors, activating the real economy, diversifying sources of national income, and leaving the unilateral economy relying on oil as a major resource that constitutes 93% of the general budget revenues . and 57 % of the gross domestic product.
And he emphasized that “those who criticize the central bank must be aware that its measures announced yesterday by increasing the dollar supply through its approved outlets and banks will inevitably lead to the return of the price to its target rates inevitably and quickly.”
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