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Specialists: Banks have turned into "shops" and control procedures are "insufficient".
Economical 2023/02/06
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Baghdad: the mainstay of the emirate
Specialists in economic affairs believe that the rise in the dollar exchange rate is due to “Iraq's inability to control its financial resources,” noting that some banks have turned into shops, especially since the procedures for dealing with this rise are inadequate.
The phenomenon of the dollar’s high exchange rate reflected a state of economic solidarity shown by the three presidential authorities, “the Council of Ministers, the House of Representatives, and the judiciary.” All courts of inquiry are required to take legal measures against anyone who commits an act that causes damage to the national economy, whether it is foreign currency dealers or monopolists of goods, food commodities, and essential commodities that citizens need daily.
The specialist in economic affairs, Dr. Qassem Al-Tamimi, attributed the cases of the exchange rate rise in the previous days to the existence of a “structural defect that the Iraqi economy suffers from,” and its basis is the inability to control our financial resources as we want, as a result of international decisions to protect Iraqi funds.
Al-Tamimi pointed out that this case occurred when unprecedented demands for huge financial compensation from Iraq began, and in this difficult and delicate situation, the US government took the initiative to protect Iraqi funds in exchange for Iraq buying financial bonds from them, indicating that Iraq has bonds on the US government worth 50 billion dollars. , said the speaker.
Al-Tamimi pointed out that the international and regional conflicts also affected the Iraqi economic situation, especially between the United States and Iran, as their repercussions clearly affected Iraq economically.
For his part, the specialist in economic affairs, Dr. Ahmed Al-Rawi, said that the government's measures remain inadequate in addressing the rise in dollar exchange as long as there is no strict and real control over financial transfers, indicating that most of these transfers are forged and not real, or if they are real, they are exaggerated.
And the narrator continued, that the other reason is that many banks have become shops for selling dollars and speculation without controls for buying and selling operations, which led to a rise in commodity prices at double rates, pointing out that this matter led to an increase in inflation rates at accelerated rates and affected the income level. Limited to medium.
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