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Parliamentary Finance: The Iraqi Central Bank is doing everything in its power to increase the amount of dollar sales
by[You must be registered and logged in to see this link.][You must be registered and logged in to see this link.]46 Minutes ago
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A member of the Parliamentary Finance Committee in the Iraqi parliament, Nermin Maarouf, confirmed that the crisis of the depreciation of the dinar against the dollar is related to reducing the supply of US currency in the markets. And that the Governor of the Central Bank of Iraq confirmed that they are doing everything in their power to increase the amount of dollars sold.
Maarouf indicated that the Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, and discussed the current dollar crisis in the Iraqi markets.
And she said, "Today's meeting centered on hosting the Parliamentary Finance Committee for the Governor of the Central Bank, Ali Al-Alaq, in order to discuss the procedures that will be taken for the purpose of restoring stability to the currency exchange markets, especially with regard to the current situation with the devaluation of the Iraqi dinar against the US dollar."
According to Maarouf, today’s meeting touched on several important axes, including “a delegation from the Central Bank of Iraq met with a delegation from the US Federal Bank early next month in Istanbul, Turkey, and then an Iraqi delegation went to the United States of America to meet with the Federal Bank and the US Treasury and negotiate with them.” About the American measures regarding selling and transferring the dollar to the Iraqi markets, and giving the Iraqi side a period to adapt itself and implement the required measures in this regard gradually to avoid the shock that the Iraqi markets are experiencing.
They also discussed the procedures that the Central Bank is attending in order to increase the number of dollar sales outlets at home and abroad, and to allocate a window for citizens and small merchants who are committed to paying financial obligations in US dollars, according to Maarouf, who confirmed that the governor of the Central Bank promised to take these measures into consideration.
And she said: “We suggested to the governor of the Central Bank that they sell dollars to citizens who are committed to paying monthly installments in US currency, at the rate set by the government, and the same applies to Iraqi students abroad, and dollar sellers at airports. And he confirmed that he would take this proposal into consideration and discuss it with the committee concerned with this matter in order to take a decision regarding it.
Citizens and merchants in the Kurdistan Region and the whole of Iraq, especially those who are committed to paying monthly installments in dollars, are facing a real crisis with real estate and commercial companies as well, due to the low price of the dinar against the dollar, which leads to an increase in costs for them.
Regarding the period that the dollar crisis will take and the options available to the Central Bank and the Iraqi government to solve the problem, a member of the Parliamentary Finance Committee explained that “the crisis is related to reducing the supply of dollars in the markets by the Central Bank of Iraq. And that Al-Alaq stressed that they “do everything in their power to increase the amount of dollars sold, as they do not face a problem with the amount of dollars, but rather with how to attract merchants and customers to buy currency from the central bank,” noting that “a large part of companies, merchants and customers do not go to the bank Central due to the difficulty of the specific conditions according to the new procedures, and they go to the parallel market instead, and this in turn increased the demand for the US currency and thus raised the price.
Maarouf indicated that “if we look at the amount of dollars that the Central Bank sells daily, monthly, or annually, we will see huge amounts, and Al-Alaq mentioned that a large amount of these dollars was spent on importing goods from abroad, about 50 to 60 billion dollars were spent during Last year to import materials, and this is a large amount, amounting to 200-250 million dollars per day, but the quantity has decreased now, and the central bank cannot compensate for the shortage witnessed in the markets.
According to the deputy in the Iraqi parliament, he asked Iraq to follow these recent measures to control the movement of funds inside Iraq, years ago, but Iraq did not respond to the matter. And if we want to open up to the existing world order, the current instability must be tolerated for a short period, in order to prevent the smuggling of money out of Iraq, and this is in the interest of Iraq and its economy.
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by[You must be registered and logged in to see this link.][You must be registered and logged in to see this link.]46 Minutes ago
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A member of the Parliamentary Finance Committee in the Iraqi parliament, Nermin Maarouf, confirmed that the crisis of the depreciation of the dinar against the dollar is related to reducing the supply of US currency in the markets. And that the Governor of the Central Bank of Iraq confirmed that they are doing everything in their power to increase the amount of dollars sold.
Maarouf indicated that the Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, and discussed the current dollar crisis in the Iraqi markets.
And she said, "Today's meeting centered on hosting the Parliamentary Finance Committee for the Governor of the Central Bank, Ali Al-Alaq, in order to discuss the procedures that will be taken for the purpose of restoring stability to the currency exchange markets, especially with regard to the current situation with the devaluation of the Iraqi dinar against the US dollar."
According to Maarouf, today’s meeting touched on several important axes, including “a delegation from the Central Bank of Iraq met with a delegation from the US Federal Bank early next month in Istanbul, Turkey, and then an Iraqi delegation went to the United States of America to meet with the Federal Bank and the US Treasury and negotiate with them.” About the American measures regarding selling and transferring the dollar to the Iraqi markets, and giving the Iraqi side a period to adapt itself and implement the required measures in this regard gradually to avoid the shock that the Iraqi markets are experiencing.
They also discussed the procedures that the Central Bank is attending in order to increase the number of dollar sales outlets at home and abroad, and to allocate a window for citizens and small merchants who are committed to paying financial obligations in US dollars, according to Maarouf, who confirmed that the governor of the Central Bank promised to take these measures into consideration.
And she said: “We suggested to the governor of the Central Bank that they sell dollars to citizens who are committed to paying monthly installments in US currency, at the rate set by the government, and the same applies to Iraqi students abroad, and dollar sellers at airports. And he confirmed that he would take this proposal into consideration and discuss it with the committee concerned with this matter in order to take a decision regarding it.
Citizens and merchants in the Kurdistan Region and the whole of Iraq, especially those who are committed to paying monthly installments in dollars, are facing a real crisis with real estate and commercial companies as well, due to the low price of the dinar against the dollar, which leads to an increase in costs for them.
Regarding the period that the dollar crisis will take and the options available to the Central Bank and the Iraqi government to solve the problem, a member of the Parliamentary Finance Committee explained that “the crisis is related to reducing the supply of dollars in the markets by the Central Bank of Iraq. And that Al-Alaq stressed that they “do everything in their power to increase the amount of dollars sold, as they do not face a problem with the amount of dollars, but rather with how to attract merchants and customers to buy currency from the central bank,” noting that “a large part of companies, merchants and customers do not go to the bank Central due to the difficulty of the specific conditions according to the new procedures, and they go to the parallel market instead, and this in turn increased the demand for the US currency and thus raised the price.
Maarouf indicated that “if we look at the amount of dollars that the Central Bank sells daily, monthly, or annually, we will see huge amounts, and Al-Alaq mentioned that a large amount of these dollars was spent on importing goods from abroad, about 50 to 60 billion dollars were spent during Last year to import materials, and this is a large amount, amounting to 200-250 million dollars per day, but the quantity has decreased now, and the central bank cannot compensate for the shortage witnessed in the markets.
According to the deputy in the Iraqi parliament, he asked Iraq to follow these recent measures to control the movement of funds inside Iraq, years ago, but Iraq did not respond to the matter. And if we want to open up to the existing world order, the current instability must be tolerated for a short period, in order to prevent the smuggling of money out of Iraq, and this is in the interest of Iraq and its economy.
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