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Anticipation of new measures to surround the "dollar crisis"
The first 2023/01/28
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The market and observers of economic and financial affairs are awaiting new measures by the Central Bank to mitigate the impact of the crisis related to the fluctuation of the exchange rates of the dinar against the dollar, which has negatively affected, in recent times, the rise of most goods and merchandise and the decline in trade.
The new central bank governor, Ali Al-Alaq, who was recently appointed to this position instead of the former director, Mustafa Ghaleb, pledged to restore the dollar exchange rate to its previous state within a short period.
The exchange rates of the dinar against the dollar are still unstable in the markets, as they gradually decreased after the appointment of a new administration of the Central Bank, and then rose again, to now range between 160-161 thousand per 100 dollars.
The economic expert, Dr. Ahmed Al-Hathal, told Al-Sabah: The exchange rate of the dollar against the dinar has reached high levels and is the highest, due to two reductions. On the internal monetary dollar after activating a new mechanism with a platform linked to the US Federal Bank and the global financial system, so the central bank should take new measures to mitigate this impact.
He pointed out that the Central Bank administration received notifications more than two years ago of the need to activate the platform to find out the truth about documentary credits and the amount of goods and services corresponding to financial transfers, due to suspicions of money laundering and the low indicators of Iraq in the anti-corruption classifications, and this poses a threat to the economy because it will collapse if mechanisms are not applied. Fix seriously.
According to Al-Hathlal, the mechanism of the foreign transfers control platform serves the economy and protects the local currency cover from collapsing as a result of the high volume of transfers. However, the government should work to implement more serious measures regarding corruption, overthrow smugglers and banks that receive false invoices, and close unlicensed companies because they sell at a price. It is higher than the official exchange rate, with the difference between them reaching 11%, in addition to protecting social groups from the impact of the parallel exchange rate hike, because this created social problems between the creditor and the debtor as well as led to market stagnation.
Dozens of citizens demonstrated in front of the Central Bank of Iraq building in Baghdad a few days ago, to demand a reduction in the exchange rate of the dollar against the dinar, and called on the government to take urgent decisions to return the dinar to its normal price.
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