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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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    An economist highlights the main reasons for the dollar's rise in the parallel market

    Rocky
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    An economist highlights the main reasons for the dollar's rise in the parallel market Empty An economist highlights the main reasons for the dollar's rise in the parallel market

    Post by Rocky Wed 11 Jan 2023, 5:18 am

    An economist highlights the main reasons for the dollar's rise in the parallel market



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    2023-01-10 06:39
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    Shafaq News/ An economist considered, on Tuesday, that there are a number of main reasons related to the rise of the dollar in the parallel market.
    The economist and academic expert at the Iraqi University, Abd al-Rahman al-Mashhadani, said in an interview with Shafaq News agency, "The average daily imports of goods and commodities are about $175 million, and annually about $45 billion is funded through the window," noting that "the trade financing process is done through ( Manifests) purchases that individuals and merchants provide to banks until they are entered into the auction and then transferred abroad.



    He added, "The Central Bank, with its current new administration, changed the classification of banks, which raised our questions about the reasons for that, and the bank abandoned following its previous policy regarding the names of banks that enter the auction and the quantity that they buy, and therefore we do not know the names of the banks that buy the dollar."
    He pointed out that "after changing the classification of banks, it was found that there are four banks affiliated with Ali Ghulam, which were punished by the US Federal Reserve later," explaining that these four banks "were acquiring 45% of the central bank's sales of dollars through the currency auction."
    Al-Mashhadani pointed out that "the US Federal Bank indicated this and explained to the Central Bank of Iraq that the numbers are suspicious and the issue must be checked in this regard, and he explained to them that they expect that there are money laundering operations taking place through the central bank auction," noting that "these banks are involved in money laundering and these funds It goes to countries that have been banned by the US Federal Reserve, and therefore it is required to punish these banks and they were removed from the currency auction, which was actually proven as they did not announce their protest against that when they were removed from the auction, which indicates that they were smuggling the currency.
    And he went on to say that "the merchant used to previously go to the bank and ask him to obtain the dollar through the auction to buy goods from any country, and in turn the bank takes the money from the merchant and takes the requests and deposits them in the account of the central bank, and after a week it is implemented and this money goes through the bank in Dubai, as most of it You go through Dubai, and the transfer ends in Dubai. After that, no one follows this transfer, where it goes."
    And the expert added, "The Federal Bank demanded that the bank must know the transfer that reaches the Dubai Bank, where it will go later, and complete information about the importer and the country sending it to buy the goods, and complete information about the person receiving and shipping the goods."
    He noted that these "strict instructions from the Federal Bank do not benefit banks and merchants because they will reveal a lot of things about where the money goes, and therefore the bank's sales decreased from 200 million to less than 100 million dollars."
    Al-Mashhadani warned that "the high price of the dollar in the parallel market currently is not due to travel, because what the traveler needs per month is only 10 million. Swift) made the dollar rise and the government could not control it.
    The expert concluded that "the central bank cannot currently control the rise in dollar prices except by the return of external and cash transfers in a regular and smooth manner through the auction, and what is required is that we adhere to the instructions issued by the bank not out of fear as long as its slogan is fighting corruption."
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