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[ltr]The government is battling the dollar crisis alone. Central solutions are oral and the Association of Banks is "evasive"[/ltr]
[ltr][You must be registered and logged in to see this link.] | Yesterday, 20:36 | [/ltr]
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[ltr]Baghdad Today - Baghdad[/ltr]
[ltr]Since the US Federal Reserve imposed restrictions and precise requirements in front of the outlets selling dollars in the auction of foreign currency at the Central Bank of Iraq to control its smuggling operations to neighboring countries, Iraq has witnessed in the past weeks an unprecedented rise in the exchange rates of the dollar against the dinar, in the local markets in the country, at a time when it is offset by a clear government deficit in developing actual treatments that end the farce of the rise and return it to its previous situation, where it was stable at 146 thousand per hundred dollars. [/ltr]
[ltr]The fluctuation of the dollar exchange rate in the local markets led to the disruption of trade movement in the country, which contributed to the rise in consumer prices, which raises many questions about the reasons for the rise in the exchange rate, and its relationship to the procedures of the Central Bank of Iraq and preventing several banks from entering the auction of currency after warnings from the US Treasury Department.[/ltr]
[ltr]Among them are monopolistic factors. Reasons for the rise of the dollar in the markets[/ltr]
[ltr]"The reasons for the price rises are due to monopolistic factors imposed by forces of speculators in the market to collect profits extracted from a living, especially since the goods supplied to Iraq and all their stocks, as well as the current imports, are all funded at the official exchange rate, but unfortunately they have taken subject to invalid price expectations as a result of price speculation, while all imports are supplied, including inventories, at the exchange rate of the foreign currency window, in which the exchange rate does not exceed 1470 dinars per dollar," this is what happened The economic and financial adviser to Prime Minister Mazhar Mohammed Saleh told Baghdad Today.[/ltr]
[ltr]Saleh pointed out that "the automatic re-pricing of goods according to black market indicators is an exploitation of the people's sustenance, speculation in the people's power, and illegal penetration of all moral and humanitarian rules," noting that "the foreign currency window and its disciplinary rules were developed to prevent manipulation of foreign currency uses outside the purposes of financing foreign trade for the private sector to protect the country's higher interests from the loss of foreign exchange outside its proper purposes."[/ltr]
[ltr]He stressed that "clean trade transfers that follow the rules of international trade are still free in Iraq and are made through the Iraqi banking system abroad, and are made automatically and at a stable exchange rate, and they are in the interest of Iraq and its prosperity."[/ltr]
[ltr]Attempts to blackmail the Sudanese government. ![/ltr]
[ltr]For his part, the leader of the Fatah Alliance, Uday Abdul Hadi, told Baghdad Today, "The rise in the dollar in the Iraqi markets is only a preliminary picture of the White House's attempts to blackmail the government of Mohammed Shia al-Sudani to achieve a multiple agenda."[/ltr]
[ltr]He added that "the most prominent of this agenda is to pressure the Sudanese government to support some of its plans in the Middle East, especially its position on the axis of resistance," stressing that "Washington is exploiting its ability to inject dollar liquidity to Iraq in an attempt to create an economic crisis by raising prices and pressuring 13 million Iraqis below the poverty line."[/ltr]
[ltr]Abdel Hadi described talking about other reasons behind the dollar's rise as "just scattering ashes in the eyes about the real reason."[/ltr]
[ltr]Since the rise in the dollar exchange rates, the central bank says that the rise is temporary, and the price will return to the limits of the official exchange rate in the currency auction of 1460 dinars, setting a time limit that ends by the end of January to achieve this goal, according to what Central Bank advisor Ihsan Al-Yasiri spoke in a press statement followed by (Baghdad Today).[/ltr]
[ltr]He added that "the US Federal Reserve has set strict conditions that oblige us to display lists of the dollar sold, including the names of people and beneficiaries, and the wait is 15 days to indicate the bank's position on the integrity of the purchase process to the requesting party, and the sale process stops if the Federal Bank objects to a specific name, because it is required, or there is a suspicion of the purpose of buying the dollar."[/ltr]
[ltr]This measure reduced the money sold at the central bank, which caused a shortage of dollars supplied in the local market, pushing its price to unprecedented numbers.[/ltr]
[ltr]An urgent roadmap to find out the reasons[/ltr]
[ltr]Najat al-Taie, a leader in Diyala's determination, told Baghdad Today that the rise in the dollar calls for an urgent roadmap to explain the reasons for the weakness of the national economy in the face of crises despite the abundance of money from the sale of crude oil.[/ltr]
[ltr]Al-Taie wondered about "the date of the parliament's meeting to discuss the dollar crisis, which may get out of control at any moment and lead everyone to the unknown."[/ltr]
[ltr]For his part, the leader of the Law Coalition, Turki Jadaan, that [size=32]"the dollar crisis calls for a change in the management of the Central Bank,[/size] an opinion raised in the recent framework meetings, in addition to the possibility of pumping more dollars into the markets through banks and exchanges, and there is an opinion indicating the payment of part of the salaries of employees in dollars."[/ltr]
[ltr]Jadaan added to (Baghdad Today) that "the dollar crisis raised prices by 10% in the markets and may lead to a wave of demonstrations soon," pointing out that "we end that there must be urgent steps and solutions from the Iraqi government."[/ltr]
[ltr]What is the role of the central bank and the Association of Banks in controlling the dollar?[/ltr]
[ltr]"The Central Bank and the Association of Banks are negligent in the issue of the rise in dollar prices and the lack of control over it," Khalid Haidar, an expert and professor of economics at the University of Sulaymaniyah, told Baghdad Today.[/ltr]
[ltr]Haider said that about 70 of the requests made through the central bank by traders and importers for dollars from the US Federal Reserve are rejected.[/ltr]
[ltr]"The measures taken by the central bank and the Association of Banks to control exchange rate appreciation are weak and limited and not commensurate with the magnitude of the country's major economic crisis," he said.[/ltr]
[ltr]For his part, economic expert Mohammed Jamal told (Baghdad Today) that "the Central Bank bears the bulk of the crisis of the rise in the dollar exchange rate, and the Association of Banks did not control the rise in the price due to randomness in private banks, and lack of control over the window of selling currency, which caused a significant rise in the exchange rate."[/ltr]
[ltr]"If the traders' requests are not determined, we are facing a major crisis in which the exchange rate may reach 170,000 dinars in the next few days," he said.[/ltr]
[ltr]The Association of Banks is "evasive". A statement that does not rise to the crisis and embraces the banks involved[/ltr]
[ltr]Earlier, the Association of Banks issued a statement on the rise in the exchange rate of the dollar against the Iraqi dinar, but although the first accused of the dollar crisis are banks under the umbrella of the Association of Banks, but the latter issued a statement that does not rise to the size of the crisis.[/ltr]
[ltr]The association began its statement by saying that it and its member banks are "watching" the recent rise in the exchange rate, while reviewing the central bank's measures that the bank itself has previously revealed in its repeated statements.[/ltr]
[ltr]This statement prompted a number of bankers to condemn the role of the Association and the weakness of its position towards the banks involved under it.[/ltr]
[ltr]Baghdad repeated today its attempts to contact the Association of Iraqi Private Banks to find out its role or activity in stabilizing the Iraqi market and mitigating the effects of the rise in the exchange rate of the dollar, which exceeded 160 thousand dinars per 100 dollars recently, but the Association did not comment, and its role is still unknown until the moment in whether it has contributed or joined courses or workshops or submitted proposals or plans to reduce the exchange rate.[/ltr]
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[ltr][You must be registered and logged in to see this link.] | Yesterday, 20:36 | [/ltr]
[You must be registered and logged in to see this image.]
[ltr]Baghdad Today - Baghdad[/ltr]
[ltr]Since the US Federal Reserve imposed restrictions and precise requirements in front of the outlets selling dollars in the auction of foreign currency at the Central Bank of Iraq to control its smuggling operations to neighboring countries, Iraq has witnessed in the past weeks an unprecedented rise in the exchange rates of the dollar against the dinar, in the local markets in the country, at a time when it is offset by a clear government deficit in developing actual treatments that end the farce of the rise and return it to its previous situation, where it was stable at 146 thousand per hundred dollars. [/ltr]
[ltr]The fluctuation of the dollar exchange rate in the local markets led to the disruption of trade movement in the country, which contributed to the rise in consumer prices, which raises many questions about the reasons for the rise in the exchange rate, and its relationship to the procedures of the Central Bank of Iraq and preventing several banks from entering the auction of currency after warnings from the US Treasury Department.[/ltr]
[ltr]Among them are monopolistic factors. Reasons for the rise of the dollar in the markets[/ltr]
[ltr]"The reasons for the price rises are due to monopolistic factors imposed by forces of speculators in the market to collect profits extracted from a living, especially since the goods supplied to Iraq and all their stocks, as well as the current imports, are all funded at the official exchange rate, but unfortunately they have taken subject to invalid price expectations as a result of price speculation, while all imports are supplied, including inventories, at the exchange rate of the foreign currency window, in which the exchange rate does not exceed 1470 dinars per dollar," this is what happened The economic and financial adviser to Prime Minister Mazhar Mohammed Saleh told Baghdad Today.[/ltr]
[ltr]Saleh pointed out that "the automatic re-pricing of goods according to black market indicators is an exploitation of the people's sustenance, speculation in the people's power, and illegal penetration of all moral and humanitarian rules," noting that "the foreign currency window and its disciplinary rules were developed to prevent manipulation of foreign currency uses outside the purposes of financing foreign trade for the private sector to protect the country's higher interests from the loss of foreign exchange outside its proper purposes."[/ltr]
[ltr]He stressed that "clean trade transfers that follow the rules of international trade are still free in Iraq and are made through the Iraqi banking system abroad, and are made automatically and at a stable exchange rate, and they are in the interest of Iraq and its prosperity."[/ltr]
[ltr]Attempts to blackmail the Sudanese government. ![/ltr]
[ltr]For his part, the leader of the Fatah Alliance, Uday Abdul Hadi, told Baghdad Today, "The rise in the dollar in the Iraqi markets is only a preliminary picture of the White House's attempts to blackmail the government of Mohammed Shia al-Sudani to achieve a multiple agenda."[/ltr]
[ltr]He added that "the most prominent of this agenda is to pressure the Sudanese government to support some of its plans in the Middle East, especially its position on the axis of resistance," stressing that "Washington is exploiting its ability to inject dollar liquidity to Iraq in an attempt to create an economic crisis by raising prices and pressuring 13 million Iraqis below the poverty line."[/ltr]
[ltr]Abdel Hadi described talking about other reasons behind the dollar's rise as "just scattering ashes in the eyes about the real reason."[/ltr]
[ltr]Since the rise in the dollar exchange rates, the central bank says that the rise is temporary, and the price will return to the limits of the official exchange rate in the currency auction of 1460 dinars, setting a time limit that ends by the end of January to achieve this goal, according to what Central Bank advisor Ihsan Al-Yasiri spoke in a press statement followed by (Baghdad Today).[/ltr]
[ltr]He added that "the US Federal Reserve has set strict conditions that oblige us to display lists of the dollar sold, including the names of people and beneficiaries, and the wait is 15 days to indicate the bank's position on the integrity of the purchase process to the requesting party, and the sale process stops if the Federal Bank objects to a specific name, because it is required, or there is a suspicion of the purpose of buying the dollar."[/ltr]
[ltr]This measure reduced the money sold at the central bank, which caused a shortage of dollars supplied in the local market, pushing its price to unprecedented numbers.[/ltr]
[ltr]An urgent roadmap to find out the reasons[/ltr]
[ltr]Najat al-Taie, a leader in Diyala's determination, told Baghdad Today that the rise in the dollar calls for an urgent roadmap to explain the reasons for the weakness of the national economy in the face of crises despite the abundance of money from the sale of crude oil.[/ltr]
[ltr]Al-Taie wondered about "the date of the parliament's meeting to discuss the dollar crisis, which may get out of control at any moment and lead everyone to the unknown."[/ltr]
[ltr]For his part, the leader of the Law Coalition, Turki Jadaan, that [size=32]"the dollar crisis calls for a change in the management of the Central Bank,[/size] an opinion raised in the recent framework meetings, in addition to the possibility of pumping more dollars into the markets through banks and exchanges, and there is an opinion indicating the payment of part of the salaries of employees in dollars."[/ltr]
[ltr]Jadaan added to (Baghdad Today) that "the dollar crisis raised prices by 10% in the markets and may lead to a wave of demonstrations soon," pointing out that "we end that there must be urgent steps and solutions from the Iraqi government."[/ltr]
[ltr]What is the role of the central bank and the Association of Banks in controlling the dollar?[/ltr]
[ltr]"The Central Bank and the Association of Banks are negligent in the issue of the rise in dollar prices and the lack of control over it," Khalid Haidar, an expert and professor of economics at the University of Sulaymaniyah, told Baghdad Today.[/ltr]
[ltr]Haider said that about 70 of the requests made through the central bank by traders and importers for dollars from the US Federal Reserve are rejected.[/ltr]
[ltr]"The measures taken by the central bank and the Association of Banks to control exchange rate appreciation are weak and limited and not commensurate with the magnitude of the country's major economic crisis," he said.[/ltr]
[ltr]For his part, economic expert Mohammed Jamal told (Baghdad Today) that "the Central Bank bears the bulk of the crisis of the rise in the dollar exchange rate, and the Association of Banks did not control the rise in the price due to randomness in private banks, and lack of control over the window of selling currency, which caused a significant rise in the exchange rate."[/ltr]
[ltr]"If the traders' requests are not determined, we are facing a major crisis in which the exchange rate may reach 170,000 dinars in the next few days," he said.[/ltr]
[ltr]The Association of Banks is "evasive". A statement that does not rise to the crisis and embraces the banks involved[/ltr]
[ltr]Earlier, the Association of Banks issued a statement on the rise in the exchange rate of the dollar against the Iraqi dinar, but although the first accused of the dollar crisis are banks under the umbrella of the Association of Banks, but the latter issued a statement that does not rise to the size of the crisis.[/ltr]
[ltr]The association began its statement by saying that it and its member banks are "watching" the recent rise in the exchange rate, while reviewing the central bank's measures that the bank itself has previously revealed in its repeated statements.[/ltr]
[ltr]This statement prompted a number of bankers to condemn the role of the Association and the weakness of its position towards the banks involved under it.[/ltr]
[ltr]Baghdad repeated today its attempts to contact the Association of Iraqi Private Banks to find out its role or activity in stabilizing the Iraqi market and mitigating the effects of the rise in the exchange rate of the dollar, which exceeded 160 thousand dinars per 100 dollars recently, but the Association did not comment, and its role is still unknown until the moment in whether it has contributed or joined courses or workshops or submitted proposals or plans to reduce the exchange rate.[/ltr]
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