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Specialists propose a “forced merger” of non-compliant banks
Economical 2023/02/04
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Baghdad: the mainstay of the emirate
Specialists in the economic affairs warned of the continued decline in the value of the dinar against the dollar, stressing the loss of the national currency by about 15 points from its actual value, which caused price hikes that negatively affected those with limited incomes, stressing the need for the Central Bank to take strict measures to stop the price hike. Exchange, including “forced mergers” of banks that do not comply with the instructions, and adapting them to work in accordance with international compliance laws.
In the midst of this, the Prime Minister, Muhammad Shia al-Sudani, reassured that "Iraq's financial situation is in the best cases, and we have a balance, revenues, circulation, and budget, and we have the ability to purchase any material," stressing the government's seriousness in measures to prevent currency smuggling, while directing the Ministry of Trade to play its role in importing materials, and revealing The existence of a committee that works to import any material needed by the Iraqi market and come down at the official cost price.
And in support of efforts aimed at limiting the rise in the exchange rate, the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, discussed, in the presence of members of the committee, with the Governor of the Central Bank, Ali Mohsen Al-Alaq, the rise in the dollar exchange rate, the fluctuation of the dinar exchange rates and the possibility of controlling it to preserve the market, as well as discussing its repercussions. Citizens and the steps of the Central Bank and the procedures followed by it.
The academic and economic researcher, Dr. Abdul Karim Al-Issawi, believes that the international measures represented in preventing dollar smuggling, imposing sanctions on a group of local banks, and subjecting Iraq to what is called international compliance to monitor the nature and quality of financial transfers, are all factors that led to the rise in the exchange rate of the dollar against the dinar, and thus the rise Food and basic prices, in addition to creating the phenomenon of inflationary stagnation that disrupted the Iraqi market.
And Al-Issawi told Al-Sabah that “the exchange rate of the dollar recorded an increase of more than 15 points in the past weeks from the official rate,” noting that “the many measures taken for the purpose of controlling the exchange rate did not succeed to a large extent in limiting the repercussions of the decline in the national currency.” ".
He suggested that "the Central Bank undertake to carry out" the forced merger of banks that do not comply with the laws or on which money laundering operations are recorded, "noting that 80% of the import financing was rejected by the electronic platform developed by the Central Bank of Iraq to monitor the trends of remittances due to the lack of transparency in their submission, which means The existence of money laundering operations.
For his part, the academic, Dr. Amr Hisham, stated that "the issue of the exchange rate of the foreign currency with internal prices through the exchange channel is one of the main topics in economics, and it is a specific scientific relationship with laws that apply to varying degrees to global economies according to the degree of progress or delay of the economy, but developed economies are less exposure if their local currencies are part of global reserves.
Hisham added, to "Al-Sabah", that "countries whose economies depend on imports in foreign currencies are inevitably vulnerable to vibrations," noting that "the measures taken by the Central Bank of Iraq are temporary to reduce the crisis in the short term, such as preventing speculation and finding new channels to provide currency." difficult.”
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