Parliamentary Finance calls for punishing banks that refrain from participating in the currency auct

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[size=52]Parliamentary Finance calls for punishing banks that refrain from participating in the currency auction[/size]

[size=45]Baghdad / Firas Adnan[/size]
[size=45]Yesterday, Saturday, the Finance Committee in the House of Representatives called for punishing banks that refrain from participating in the currency auction until they evade presenting real and not forged bills. In addition to a temporary reduction of customs taxes until participation in the international "Swift" system.[/size]
[size=45]It is noteworthy that the capital, Baghdad, witnessed protests at the end of last week due to the emergency rise in the exchange rate of the dollar.[/size]
[size=45]Committee member Jamal Cougar said, “The return of the dollar to its official price is linked to the commitment of the banks participating in the currency auction with the Central Bank of Iraq to the electronic platform.”[/size]
[size=45]And Cougar added, “The central bank should also adhere to the international system called (Swift), which is the electronic platform as well.”[/size]
[size=45]He pointed out, “This is considered the only way to reach the stability of the dollar and its return to the price adopted by the government, and it has been fixed according to official statements in the current year’s budget that we have not yet received.”[/size]
[size=45]Cougar explained, "What is being announced of other steps, which are secondary and patchy, may contribute to lowering the price of the dollar to some extent, but in limited and immediate proportions and do not have a real impact."[/size]
[size=45]And he indicated that “the government should take a position with banks that do not participate in the currency auction at present,” surprising that “all banks were participating before taking measures related to the electronic platform.”[/size]
[size=45]And Cougar pointed out, “These banks refuse to participate in the currency auction today, in order not to present real bills, unlike what was the situation in the past when those banks provided false bills.”[/size]
[size=45]He called for "expelling all banks that refuse to comply with the new instructions from the currency auction and excluding their accounts."[/size]
[size=45]Cougar noted, "The former central bank governor, Mustafa Ghaleb Makhaif, had spoken to the financial and economic committees in the House of Representatives about the existence of large quantities of dollars, but banks do not buy them, and this is what is actually happening."[/size]
[size=45]Cougar continues, "The United States, represented by its Federal Bank, sends dollars to Iraq, but does not accept forged bills," directing his question to the government, "Does presenting fake bills to the central bank serve the economy or destroy it?"[/size]
[size=45]He stressed, "Resorting to unreal bills to buy dollars means that we are falsifying the economy and destroying the country's financial future."[/size]
[size=45]And Cougar stated, “Facing this crisis requires the government to take a number of measures, the first of which is to speed up sending the budget law, which includes large numbers and is estimated at 200 trillion.”[/size]
[size=45]And he goes on to say, “These amounts, when they are disbursed, will go to the market, investors and the private sector,” adding that “the second measure is to punish banks that do not currently participate in the currency auction.”[/size]
[size=45]Cougar explained, "The third measure is to open direct outlets by the Central Bank in all governorates so that direct communication with merchants and investors can take place," stressing that "the fifth measure is to stop the smuggling of dollars from Iraq to neighboring countries."[/size]
[size=45]And he added, "The fifth measure is to reduce taxes at the border crossings, and we can go to zeroing them until the application of the electronic system, which should be applied seriously."[/size]
[size=45]Cougar added, "The platform is the only way to enter the international community, and for others to deal with us as a state, because we will not be like that until after a series of measures on the various political, economic and financial levels."[/size]
[size=45]For his part, the other member of the committee, Mustafa Khalil, stated that "Iraq is still completely dependent on imports to secure its daily needs, especially consumer ones, and this comes in conjunction with the absence of a local industry."[/size]
[size=45]And Khalil continued, "This led to a dangerous result, which is that any change in the exchange rate of the dollar would affect the local markets and the citizen."[/size]
[size=45]He pointed out, "The real solution is to strengthen the country's internal economy by supporting industry and agriculture, and relying on self-financing in most sectors."[/size]
[size=45]And Khalil finds, "Securing these factors would mitigate the impact of changing the exchange rate on the internal situation."[/size]
[size=45]And he stated, "The fundamental solution starts from building a solid internal economy, and then heading towards establishing a mutual trade relationship with other countries."[/size]
[size=45]Khalil warned, "Iraq should not confine its interest to imports, and also think about exporting, and thus we guarantee other sources of income for hard currency, and the only passage is not the proceeds from the sale of oil."[/size]
[size=45]He stressed, "Oil revenues are linked to the US Federal Bank, and this is what made us enter into this crisis, while if we had other sources of dollars, the severity of the crisis would have been less burdensome on us."[/size]
[size=45]And Khalil concluded, "The time has come to obtain an economic space that allows us to deal with national revenues away from the pressures and determinants of the Federal Bank that affect oil revenues."[/size]
[size=45]The government had taken a series of measures to confront the emergency rise in the exchange rate of the dollar, but it has not succeeded so far in stopping this rise.[/size]
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