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Association of Banks: The dinar will recover and the dollar crisis is temporary
Economical 2023/02/05
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Hussein Thaghb Al-Tamimi
A broad welcome by the economic community towards the first package issued by the Central Bank of Iraq in terms of facilities to meet the demand for the dollar, on both sides of cash and foreign transfers, suggesting that the exchange rate will return to its normal rates set by the Central Bank within a simple period not exceeding three weeks.
And the Central Bank issued a number of instructions that deal with the decline of the Iraqi dinar against the US dollar, including increasing the ceiling for cash sales for travel purposes to (7000) dollars per month, and selling dollars for personal transfers through agents of money transfer companies (Western Union and Money Gram) at the official price (1470). ) dinars to the dollar, and the Central Bank of Iraq shall consolidate the balances of these agents in dollars at the official rate.
Banking consultant and advisor to the Association of Private Banks, Samir Al-Nusairi, confirmed that "the Iraqi dinar will recover and the exchange rate crisis is temporary, and that the first package of instructions represents a start to address confusion in the exchange rate."
He added to “Al-Sabah” that “specialized work teams from the Central Bank, banks and the private sector, with follow-up from the Prime Minister and the Parliamentary Finance Committee, are holding a series of meetings, discussions and reviews of the instructions with the aim of simplifying the procedures that lead to securing the US dollar in the quantities required to cover the needs of foreign trade.” Through the banking system, as well as covering the needs of citizens traveling outside Iraq for all purposes, as well as issuing the first package of instructions and mechanisms that will work to overcome the crisis.
Al-Nusairi pointed to "the relentless efforts of the Central Bank and the government to coordinate high-level and direct coordination with the concerned international bodies to meet the international banking standards and technical and auditing aspects for the purpose of preserving the integrity of the Iraqi banking system, developing banking methods and ensuring the preservation of the recovery of the Iraqi dinar and the arrival of the US dollar in the manner of external transfers to the real beneficiary." While preserving the central bank's reserves of foreign currency with the bank and with other banks, according to the highest levels of care, transparency and responsibility.
He said: "Our analysis of the current situation of the money market in Iraq and the continued flow of the dollar according to the daily rates of oil imports and the availability of foreign cash reserves of about $115 billion makes us reassured that the current exchange rate crisis is temporary and the price will return to its target rates from the Central Bank in a short time. It requires governmental and parliamentary cooperation and support, and keeping the crisis away from political disputes, tensions, and conflicts, as well as media support for the Central Bank's procedures.
He praised "the government's measures to track down speculators in the currency market and unlicensed money changers, who harm the money market and the commercial market." He added, "We are betting that the crisis will end in the short term and that the Iraqi dinar will recover and return stable as determined by the Central Bank."
Financial expert Haider Al-Aqabi explained to Al-Sabah that “the package of instructions will have a positive impact on the value of the Iraqi dinar against the US dollar, and it will be a first step that regulates the path of hard currency in a way that achieves the highest levels of benefit for the country, as it must employ the financial revenues that have become Abundance is achieved as a result of oil revenues in a way that develops other joints of the economy.
Regarding exchange rates, he stressed, "They will move towards stability and return to normal rates within a period of three weeks, and this naturally creates great economic benefits for the national economy, as financial stability represents the most important steps to activate the national labor market."
As for the researcher in financial development affairs, Aqil Jabr Ali Al-Muhammadawi, he said: “The negotiation of the Central Bank of Iraq with the US Federal Bank has an objective effect and represents the main reason that resulted in the refraction of the dollar exchange rate curve, regardless of the central bank’s package of measures and their importance,” pointing to “the role of unifying Efforts in this crisis are attempts to restore control over the exchange rate of the dollar, and what has been achieved on the ground is important and worthy of praise.
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