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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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Established in 2006 as a Community of Reality

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    Al-Monitor identifies three reasons behind the Iraqi dinar's low price against the dollar

    Rocky
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    • Post n°1

    Al-Monitor identifies three reasons behind the Iraqi dinar's low price against the dollar Empty Al-Monitor identifies three reasons behind the Iraqi dinar's low price against the dollar

    Post by Rocky Wed 25 Jan 2023, 7:15 am

    [size=30]Al-Monitor identifies three reasons behind the Iraqi dinar's low price against the dollar
    [ltr]2023.01.25 - 14:18[/ltr]
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    Baghdad - people  
    The American newspaper, Al-Monitor, identified three reasons behind the decline in the price of the Iraqi dinar against the US dollar.  
      
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    The newspaper said, in a report seen by “NAS” (January 25, 2023), “The rise of the US dollar began a few weeks after the new government assumed power last October. The previous government had kept the exchange rate of the dollar against the dinar between 1,145 and 1.” 147, after it raised the official exchange rate from 1,182 dinars to 1,460 dinars in December 2020, to address the economic crisis that resulted from the Corona virus pandemic and the decline in the price of oil.  
      
      
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    The following is the text of the report:  
      
    Al-Sudani had previously put measures in place to control the price of the dollar, including preventing four Iraqi banks from participating in a currency auction due to violating regulations, and setting a daily limit on the amount of dollars that citizens can withdraw. However, none of these measures had a positive result as the price of the dollar continued to rise significantly.  
      
    The reason for the high price of the dollar is due to several technical problems that the Sudanese government has failed to address so far:  
      
    First : The lack of sufficient transparency in the Iraqi banking system led the Central Bank of Iraq to impose restrictions on banks using US dollars in order to comply with the rules of the US Federal Reserve. This limited access to dollars in the country's banking system.  
      
    Second: The banking system in Iraq has not been developed into a complete electronic system that allows the Central Bank to monitor and track all money movements inside and outside the country. This allows individuals and companies to illegally transfer US dollars abroad, which raises the dollar's price due to the increased demand for it. In order to stop this, the banking system needs to develop the process and adopt a complete electronic system that is in line with the global banking system.  
      
    Third: The high level of corruption in Iraq, which leads to money laundering practices that require large sums of money to appear as coming from a legitimate source, has increased the demand for US dollars to withdraw and use them to buy real estate at home. And outside Iraq. In the recent corruption case known as the "theft of the century", about $3 billion was taken from the Iraqi Tax Authority's account with the majority of the money diverted to property and other assets. The Iraqi government lifted the ban on the main defendant's company last week, shortly after the release of Noor Zuhair Jasim.  
      
    US Ambassador to Iraq Alina Romanovsky said, in a televised interview, that the United States will continue the mechanism that helps the Iraqi banking sector comply with the international banking system, to restrict the use of the global banking system by criminals and malicious parties in order to reduce money laundering.  
      
    Romanovsky indicated, "These measures that we took began about two years ago and were gradually implemented by banks and agreed upon between the US Federal Reserve and the Central Bank of Iraq."  
      
    What are the Sudanese options?  
      
    By replacing the head of the Central Bank of Iraq and the head of the Commercial Bank of Iraq, Al-Sudani hopes to address these issues.  
      
      
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    Al-Alaq, who also served as central bank governor from 2014 to 2020, is close to former prime minister and head of the State of Law coalition, Nuri al-Maliki.  
      
    Al-Maliki said, "The solution to the currency crisis is twofold: the movement of the dollar must be controlled and the mechanism and controls for providing dollars to Iraqi banks to negotiate with the United States should be facilitated."  
      
    Leaders and parliamentarians from the Coordination Framework, an umbrella bloc of Iraqi Shiite parties that nominated and supported Al-Sudani for the premiership, accused the United States of pressuring the government using a fanatical mechanism that drove the dinar. down against the dollar.  
      
    Aqil al-Fatlawi, an MP for the State of Law Coalition emanating from the Coordination Framework, gave an interview regarding currency systems. "The Americans are using the severe restrictions on dollar conversion as a warning to the Sudanese prime minister to stay in line with American interests. The American message is that acting against us may bring down your government," he said.  
      
    Hadi al-Amiri, head of the Badr Organization and the Fatah Alliance, who is also part of the coordination framework, accused the United States of using the exchange rate of the dollar against the dinar in order to starve the Iraqi people, calling for economic independence. from the United States.  
      
    However, Romanowski responded to such accusations in her latest interview. "These measures [financial measures around the movement of dollars in Iraq] were not designed to be political, but were designed in particular to prevent money laundering and corruption," she said.  
      
    It seems that Al-Sudani is stuck between a rock and a hard place, as he faces opposite demands from the United States on the one hand and his political allies on the other.  
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