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[rtl]An "electronic platform" and international oversight of corruption... The secret of the dollar's high exchange rate in Iraq[/rtl]
[rtl]Saturday, December 17, 2022 [/rtl]
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(Al-Hurra) Washington: Moath Freihat - Several weeks ago, the Iraqi market recorded a rise in the exchange rates of the dollar against the dinar, to unprecedented levels, which the Central Bank of Iraq attributes to several factors, most notably the start of work on an "electronic platform."
Although the exchange rate of the dollar is officially set at 1460 Iraqi dinars, the current prices have reached about 1545 dinars against the dollar.
In a statement, on Thursday, the Central Bank of Iraq described the rise as "simple," while the office of Prime Minister Muhammad Shia' al-Sudani said, in a separate statement, that the rise in the exchange rate is "temporary, stressing that Iraq's financial situation is at its best.
The Central Bank of Iraq had reduced the price of the dinar in December 2020 from 1182 dinars against the dollar, to 1460 dinars, in a move aimed at compensating for the decline in oil revenues at the time.
In statements to the "Al-Hurra" website, Iraqi economists questioned the justifications of the Iraqi central bank, pointing to fears of a possible continuation of the increase in exchange rates during the coming period, which may mean that Iraq enters a new phase of inflation, especially with its dependence on imports for everything.
Although "Iraq's financial situation is at good levels," experts point out that what was known as the "theft of the century" had consequences that affected the movement of liquidity and remittances, and prompted an "unjustified" increase in exchange rates.
The Iraqi authorities revealed the "theft of the century" after an internal audit conducted by the Ministry of Finance showed fraud operations of about 3.7 trillion Iraqi dinars (2.5 billion dollars).
"Not a few levels"
The Iraqi economist, Mahmoud Dagher, said, “The exchange rates in Iraq have reached levels that are not few, according to official statements, as they have reached levels of 1,545 dinars for remittance dollars instead of 1,460 dinars, according to what is specified by the Central Bank, and 1,504 dinars for cash dollars.”
Dagher, a former official at the Central Bank of Iraq, added, in an interview with Al-Hurra, that "the reasons for the rise in exchange rates are not a result of poor coverage in meeting the needs of the local market, but rather because of technical conditions that caused confusion in the arrival of remittances to their destination.”
He pointed out that "controls imposed by the US Federal Reserve should have been alerted by the Iraqi Central Bank and demanded that they be implemented in a gradual manner, so as not to create problems in the Iraqi market."
Representative Jamal Cougar, a member of the Finance Committee in the Iraqi Parliament, explains that "the US Federal Reserve had taken special decisions after the issue of money smuggling and the corruption of some banks in Iraq, as seven banks were excluded from participating in currency." auctions, and it imposed greater emphasis on transfers." which were not subject to any scrutiny whatsoever.
And he added, in response to Al-Hurra's inquiries, that there is "a loss of confidence and control in the Central Bank of Iraq, which caused the parallel exchange market to flourish to create a black market that benefits individuals who control prices amid non -interference by preventing such practices."
According to the statement of the Central Bank of Iraq, a source said that one of the reasons for the rise in exchange rates is “the building of an electronic platform through which banks raise the requests of their customers, and which the Central Bank began building months ago.” ago in coordination with international bodies for the purpose of provisions and regulation of window operations for buying and selling foreign currency and ensuring effective control over it.”
He added, "A specialized international company has been assigned to build it and link banks with the Central Bank through it, and the platform requires providing information about customers requesting transfers, beneficiaries, and corresponding banks."
And "due to the recent use of this platform, many errors are discovered, which requires the bank to re-download it, and these procedures take additional time to accept the request and pass it through the global financial system."
The academic, Iraqi economist, Abd al-Rahman al-Mashhadani, considered that "the Central Bank's statement is not convincing. There may be confusion in dealing with a new electronic platform, but this matter should not cause confusion that raises exchange rates to record levels."
Al-Mashhadani believes, in a telephone conversation with Al-Hurra, that what is happening now is due to the fact that “the US Federal Reserve imposed amendments to the procedures for transfers that pass through the SWIFT system, which includes an audit of the source of funds until the final future, which came after the consequences of theft of the century, which revealed money smuggling schemes.
Al-Mashhadani explained that "four banks that were acquiring about 40 percent of the sales of the currency auction window were excluded and punished, and this may have caused a shortage of foreign currency for some dealers who depend on these banks, which prompted them to rely on the parallel market.” This does not mean that there is a dilemma of dollar scarcity with the Iraqi Central Bank, whose reserves of this currency exceed more than 90 billion dollars.
And the Central Bank of Iraq confirmed in its statement that the reserves “and the financial solvency of the state in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not related to resources, but to administrative and audit procedures.”
And the advisor explained to the Central Bank of Iraq, Ihsan Shamran Al-Yasiri, had in statements reported by the Iraqi News Agency “INA” on Wednesday, the mechanism of the foreign currency sale platform, and said, “The Central Bank has recently created a platform for the currency sale window to which authorized banks submit requests to purchase in the name of persons, and this is done.” Considering the names over the course of a week, and the bank decides its position a day before the date of the auction for selling the currency submitted for purchase in it, after applying conditions that include people submitting purchase requests for dollars to authorized banks, and the type of commodity and the need to be purchased and details of the beneficiary are established, And the name of the seller and the name of the person who is to be purchased must be mentioned. The purchase is requested and the name is entered in a global system called (OFAC) to indicate if it is required or has problems, as well as communication with the seller of the imported goods to verify its dealings with the person requesting the purchase of the dollar.
And he added, “The US Federal Bank has recently set strict conditions that oblige us to display lists in dollars sold on it that include the names of the people and beneficiaries, and it waits 15 days to state its position on the safety of the purchase.” process for the party submitting the request, and the sale process stops if the Federal Bank objects to a specific name being required.” Or there is a similarity of names, or there is a suspicion of the goal of buying the dollar.
Al-Yasiri that "the US Federal Reserve revealed is in the process of adding 3 oversight bodies to the sale of the dollar to check its destination after the sale, and they say that they are checking to prevent it from reaching terrorist or prohibited parties. Iraq by applying these standards to prevent the issuance of a decision to stop the flow of dollars to Iraq, because it will cause a catastrophe, and the sale of dollars in Iraq is subject to strict supervision by the US Federal Reserve, because it is the issuer of dollars.
Avoiding an exchange rate crisis
The CBI specified a few measures to push for the stability of exchange rates, including “expanding the foreign exchange supply to meet the public's demand for cash dollars, and the management window was directed to meet the requests of banks for the coming days faster by executing double requests, and a preferential price was given for the implementation of documentary credits, and for the purpose of covering domestic demand.”
And the head of the Iraqi Economic Council, Ibrahim Al-Baghdadi, expressed his support for the procedures of the "Iraqi Central Bank", and said that "the application of any new system may cause a defect, and that the imposition of strict decisions from the US Federal Reserve has confused monetary policy in Iraq."
In an interview with Al-Hurra, Al-Baghdadi called for "more coordination between the US Federal Reserve and the Central Bank of Iraq, so that the Iraqi economy is not affected, and in the end who will bear the burden is the citizen who suffers from an erosion in income.”
He pointed out that the Iraqi economy "is directly affected by any increase in exchange rates, especially since the movement of production in the country depends on inputs imported entirely from outside the country."
The economist, Dagher, agrees with this opinion, explaining that "the continued rise in the exchange rate will put the Iraqi citizen in front of additional burdens, especially since the biggest problem is related to the exchange rate of remittance dollars, especially since Iraq imports everything from abroad.”
Representative Cougar identified the repercussions of the increase in exchange rates on the Iraqi economy with “four effects”: first, the increase in costs for the Iraqi citizen and the rise in inflation, and second, confusion in the local Iraqi market, and third, the fear of the investor and employers in the private sector from making their investment plans for the coming period, especially since they depend on importing goods that are paid in foreign currency, and fourthly, the continued rise may lead the Iraqi economy to stagnation due to the state of uncertainty amid the lack of convincing answers from the official authorities.
Cougar called for greater coordination between fiscal and monetary policy in the country, explaining that this does not mean "interference in the powers of the central bank, whether by deputies or politicians who depend in their directives on the interest of the parties they represent," and added that "it is necessary not to take advantage of what is happening." Raising election slogans to satisfy partisan bases.
And the Iraqi Prime Minister, Muhammad Shia' al-Sudani, had confirmed in early November that “changing the exchange rate of the Iraqi dinar against the dollar is one of the prerogatives of the Central Bank, and we are committed to implementing what the Central Bank Bank sees,” which some considered a retreat from previous promises and positions to reduce the exchange rate.
Iraqi Prime Minister Muhammad Shia al-Sudani
The secret of the Sudanese government's retreat from changing the exchange rate of the Iraqi dinar
The Iraqi Prime Minister, Muhammad Shia' al-Sudani, confirmed in statements on Tuesday that the decision to "change the exchange rate of the Iraqi dinar against the dollar is one of the prerogatives of the Central Bank, and we are committed to implementing what the Central Bank sees," which some considered a retreat from previous promises and positions of the president to reduce the exchange rate.
The economist, al-Mashhadani, commands the idea of leaving the matter to the Iraqi Central Bank, noting that "the central bank law specifies the authority to draw monetary policy in the bank only, but this does not prevent coordination with the financial policy makers in the country.”
In a statement on Thursday, the government affirmed "its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar, and it supports the central bank's steps in this regard."
The Iraqi government called on "all dealers, including investors and merchants, to cooperate with banks and the central bank by working in accordance with the commercial contexts in force globally, and importing under documentary credits, as it provides a guarantee for the importer, preserves his rights, insures the imported goods, and enables him to benefit from banking facilities to cover the value of credit."
The IMF said, in a statement on the seventh of December, calling on Iraq to enhance financial stability and accelerate the process of implementing basic banking systems, and to initiate the restructuring of major government banks as a very important priority.
The Fund announced at the time that it supported the Central Bank's efforts to enhance control over transactions through the foreign currency auction, and its plans aimed at exploring alternative mechanisms for financing trade in order to facilitate it, and recommended developing the tools necessary to manage cash liquidity in order to better support the stability of the exchange rate.
[You must be registered and logged in to see this link.]
[/rtl]
(Al-Hurra) Washington: Moath Freihat - Several weeks ago, the Iraqi market recorded a rise in the exchange rates of the dollar against the dinar, to unprecedented levels, which the Central Bank of Iraq attributes to several factors, most notably the start of work on an "electronic platform."
Although the exchange rate of the dollar is officially set at 1460 Iraqi dinars, the current prices have reached about 1545 dinars against the dollar.
In a statement, on Thursday, the Central Bank of Iraq described the rise as "simple," while the office of Prime Minister Muhammad Shia' al-Sudani said, in a separate statement, that the rise in the exchange rate is "temporary, stressing that Iraq's financial situation is at its best.
The Central Bank of Iraq had reduced the price of the dinar in December 2020 from 1182 dinars against the dollar, to 1460 dinars, in a move aimed at compensating for the decline in oil revenues at the time.
In statements to the "Al-Hurra" website, Iraqi economists questioned the justifications of the Iraqi central bank, pointing to fears of a possible continuation of the increase in exchange rates during the coming period, which may mean that Iraq enters a new phase of inflation, especially with its dependence on imports for everything.
Although "Iraq's financial situation is at good levels," experts point out that what was known as the "theft of the century" had consequences that affected the movement of liquidity and remittances, and prompted an "unjustified" increase in exchange rates.
The Iraqi authorities revealed the "theft of the century" after an internal audit conducted by the Ministry of Finance showed fraud operations of about 3.7 trillion Iraqi dinars (2.5 billion dollars).
"Not a few levels"
The Iraqi economist, Mahmoud Dagher, said, “The exchange rates in Iraq have reached levels that are not few, according to official statements, as they have reached levels of 1,545 dinars for remittance dollars instead of 1,460 dinars, according to what is specified by the Central Bank, and 1,504 dinars for cash dollars.”
Dagher, a former official at the Central Bank of Iraq, added, in an interview with Al-Hurra, that "the reasons for the rise in exchange rates are not a result of poor coverage in meeting the needs of the local market, but rather because of technical conditions that caused confusion in the arrival of remittances to their destination.”
He pointed out that "controls imposed by the US Federal Reserve should have been alerted by the Iraqi Central Bank and demanded that they be implemented in a gradual manner, so as not to create problems in the Iraqi market."
Representative Jamal Cougar, a member of the Finance Committee in the Iraqi Parliament, explains that "the US Federal Reserve had taken special decisions after the issue of money smuggling and the corruption of some banks in Iraq, as seven banks were excluded from participating in currency." auctions, and it imposed greater emphasis on transfers." which were not subject to any scrutiny whatsoever.
And he added, in response to Al-Hurra's inquiries, that there is "a loss of confidence and control in the Central Bank of Iraq, which caused the parallel exchange market to flourish to create a black market that benefits individuals who control prices amid non -interference by preventing such practices."
According to the statement of the Central Bank of Iraq, a source said that one of the reasons for the rise in exchange rates is “the building of an electronic platform through which banks raise the requests of their customers, and which the Central Bank began building months ago.” ago in coordination with international bodies for the purpose of provisions and regulation of window operations for buying and selling foreign currency and ensuring effective control over it.”
He added, "A specialized international company has been assigned to build it and link banks with the Central Bank through it, and the platform requires providing information about customers requesting transfers, beneficiaries, and corresponding banks."
And "due to the recent use of this platform, many errors are discovered, which requires the bank to re-download it, and these procedures take additional time to accept the request and pass it through the global financial system."
The academic, Iraqi economist, Abd al-Rahman al-Mashhadani, considered that "the Central Bank's statement is not convincing. There may be confusion in dealing with a new electronic platform, but this matter should not cause confusion that raises exchange rates to record levels."
Al-Mashhadani believes, in a telephone conversation with Al-Hurra, that what is happening now is due to the fact that “the US Federal Reserve imposed amendments to the procedures for transfers that pass through the SWIFT system, which includes an audit of the source of funds until the final future, which came after the consequences of theft of the century, which revealed money smuggling schemes.
Al-Mashhadani explained that "four banks that were acquiring about 40 percent of the sales of the currency auction window were excluded and punished, and this may have caused a shortage of foreign currency for some dealers who depend on these banks, which prompted them to rely on the parallel market.” This does not mean that there is a dilemma of dollar scarcity with the Iraqi Central Bank, whose reserves of this currency exceed more than 90 billion dollars.
And the Central Bank of Iraq confirmed in its statement that the reserves “and the financial solvency of the state in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not related to resources, but to administrative and audit procedures.”
And the advisor explained to the Central Bank of Iraq, Ihsan Shamran Al-Yasiri, had in statements reported by the Iraqi News Agency “INA” on Wednesday, the mechanism of the foreign currency sale platform, and said, “The Central Bank has recently created a platform for the currency sale window to which authorized banks submit requests to purchase in the name of persons, and this is done.” Considering the names over the course of a week, and the bank decides its position a day before the date of the auction for selling the currency submitted for purchase in it, after applying conditions that include people submitting purchase requests for dollars to authorized banks, and the type of commodity and the need to be purchased and details of the beneficiary are established, And the name of the seller and the name of the person who is to be purchased must be mentioned. The purchase is requested and the name is entered in a global system called (OFAC) to indicate if it is required or has problems, as well as communication with the seller of the imported goods to verify its dealings with the person requesting the purchase of the dollar.
And he added, “The US Federal Bank has recently set strict conditions that oblige us to display lists in dollars sold on it that include the names of the people and beneficiaries, and it waits 15 days to state its position on the safety of the purchase.” process for the party submitting the request, and the sale process stops if the Federal Bank objects to a specific name being required.” Or there is a similarity of names, or there is a suspicion of the goal of buying the dollar.
Al-Yasiri that "the US Federal Reserve revealed is in the process of adding 3 oversight bodies to the sale of the dollar to check its destination after the sale, and they say that they are checking to prevent it from reaching terrorist or prohibited parties. Iraq by applying these standards to prevent the issuance of a decision to stop the flow of dollars to Iraq, because it will cause a catastrophe, and the sale of dollars in Iraq is subject to strict supervision by the US Federal Reserve, because it is the issuer of dollars.
Avoiding an exchange rate crisis
The CBI specified a few measures to push for the stability of exchange rates, including “expanding the foreign exchange supply to meet the public's demand for cash dollars, and the management window was directed to meet the requests of banks for the coming days faster by executing double requests, and a preferential price was given for the implementation of documentary credits, and for the purpose of covering domestic demand.”
And the head of the Iraqi Economic Council, Ibrahim Al-Baghdadi, expressed his support for the procedures of the "Iraqi Central Bank", and said that "the application of any new system may cause a defect, and that the imposition of strict decisions from the US Federal Reserve has confused monetary policy in Iraq."
In an interview with Al-Hurra, Al-Baghdadi called for "more coordination between the US Federal Reserve and the Central Bank of Iraq, so that the Iraqi economy is not affected, and in the end who will bear the burden is the citizen who suffers from an erosion in income.”
He pointed out that the Iraqi economy "is directly affected by any increase in exchange rates, especially since the movement of production in the country depends on inputs imported entirely from outside the country."
The economist, Dagher, agrees with this opinion, explaining that "the continued rise in the exchange rate will put the Iraqi citizen in front of additional burdens, especially since the biggest problem is related to the exchange rate of remittance dollars, especially since Iraq imports everything from abroad.”
Representative Cougar identified the repercussions of the increase in exchange rates on the Iraqi economy with “four effects”: first, the increase in costs for the Iraqi citizen and the rise in inflation, and second, confusion in the local Iraqi market, and third, the fear of the investor and employers in the private sector from making their investment plans for the coming period, especially since they depend on importing goods that are paid in foreign currency, and fourthly, the continued rise may lead the Iraqi economy to stagnation due to the state of uncertainty amid the lack of convincing answers from the official authorities.
Cougar called for greater coordination between fiscal and monetary policy in the country, explaining that this does not mean "interference in the powers of the central bank, whether by deputies or politicians who depend in their directives on the interest of the parties they represent," and added that "it is necessary not to take advantage of what is happening." Raising election slogans to satisfy partisan bases.
And the Iraqi Prime Minister, Muhammad Shia' al-Sudani, had confirmed in early November that “changing the exchange rate of the Iraqi dinar against the dollar is one of the prerogatives of the Central Bank, and we are committed to implementing what the Central Bank Bank sees,” which some considered a retreat from previous promises and positions to reduce the exchange rate.
Iraqi Prime Minister Muhammad Shia al-Sudani
The secret of the Sudanese government's retreat from changing the exchange rate of the Iraqi dinar
The Iraqi Prime Minister, Muhammad Shia' al-Sudani, confirmed in statements on Tuesday that the decision to "change the exchange rate of the Iraqi dinar against the dollar is one of the prerogatives of the Central Bank, and we are committed to implementing what the Central Bank sees," which some considered a retreat from previous promises and positions of the president to reduce the exchange rate.
The economist, al-Mashhadani, commands the idea of leaving the matter to the Iraqi Central Bank, noting that "the central bank law specifies the authority to draw monetary policy in the bank only, but this does not prevent coordination with the financial policy makers in the country.”
In a statement on Thursday, the government affirmed "its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar, and it supports the central bank's steps in this regard."
The Iraqi government called on "all dealers, including investors and merchants, to cooperate with banks and the central bank by working in accordance with the commercial contexts in force globally, and importing under documentary credits, as it provides a guarantee for the importer, preserves his rights, insures the imported goods, and enables him to benefit from banking facilities to cover the value of credit."
The IMF said, in a statement on the seventh of December, calling on Iraq to enhance financial stability and accelerate the process of implementing basic banking systems, and to initiate the restructuring of major government banks as a very important priority.
The Fund announced at the time that it supported the Central Bank's efforts to enhance control over transactions through the foreign currency auction, and its plans aimed at exploring alternative mechanisms for financing trade in order to facilitate it, and recommended developing the tools necessary to manage cash liquidity in order to better support the stability of the exchange rate.
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[/rtl]
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