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[size=36]The Sudanese advisor explains the reason for the dollar exchange rate difference between the official and the parallel market[/size]
Economie| 07:36 - 10/02/2023
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Baghdad - Mawazine News,
the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Friday, that the Central Bank's packages will accelerate the levels of meeting the demand for foreign currency, and while he explained the reason for the difference in the exchange rate between the official and the price in the parallel market, the rise in the latter is artificial and based on false information. It is called "colored noise" and does not correspond to the strength of the financial situation.
Saleh said to the official agency, followed by Mawazine News, that "there is a difference between the balance of supply and demand forces in the money market and the strength of monetary policy intervention in this transitional phase by organizing the assets of foreign trade procedures, and meeting the financing needs in foreign currency on the part of the banking sector and in accordance with the rules of compliance." On the one hand, which is taking place at an accelerated pace with the passage of days, and among the emergency hunters of profit opportunities from speculators and crisis traders in the money market.
He added, "These people trade based on distorted or colored information that is circulated in gray markets to achieve fateful profits that take place at the expense of the legality of the procedures and arrangements followed by monetary policy in achieving stability in the general level of prices and work at the new official exchange rate, without realizing from them the importance of implementing the equation." The strong power between the high foreign reserves and the strength of the Iraqi dinar, which officially settled at 1,300 dinars to one dollar.
And he added, "Because of the weakness of the regular market institutions in verifying the positive signs of the strength of the national economy and the strength of its reserves, which exceeded 115 billion dollars, the market is still affected by what is called in the economy (colored noise)."
He pointed out, "(colored noise) is an embodiment of distorted false information based on rumor to generate price noise and artificial deviations to achieve fatal or lightning profits at the expense of the effect on price stability itself without real awareness of two important things."
He pointed out, "The first of these two things is the foreign trade arm of the government that operates in accordance with international rules of trade and carries flexibility and a very high possibility in providing commodity supply at stable prices at any moment, and the second is the role of effective packages launched by the Central Bank of Iraq and which it is working on." Monetary policy in accelerating the openness of the levels of meeting the demand for foreign currency, with the degree of progress of the banking system in the transparent use of foreign trade financing documents for the private sector, so that conversion in foreign currency increases in accordance with the rules and provisions of international trade and international compliance controls.
the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Friday, that the Central Bank's packages will accelerate the levels of meeting the demand for foreign currency, and while he explained the reason for the difference in the exchange rate between the official and the price in the parallel market, the rise in the latter is artificial and based on false information. It is called "colored noise" and does not correspond to the strength of the financial situation.
Saleh said to the official agency, followed by Mawazine News, that "there is a difference between the balance of supply and demand forces in the money market and the strength of monetary policy intervention in this transitional phase by organizing the assets of foreign trade procedures, and meeting the financing needs in foreign currency on the part of the banking sector and in accordance with the rules of compliance." On the one hand, which is taking place at an accelerated pace with the passage of days, and among the emergency hunters of profit opportunities from speculators and crisis traders in the money market.
He added, "These people trade based on distorted or colored information that is circulated in gray markets to achieve fateful profits that take place at the expense of the legality of the procedures and arrangements followed by monetary policy in achieving stability in the general level of prices and work at the new official exchange rate, without realizing from them the importance of implementing the equation." The strong power between the high foreign reserves and the strength of the Iraqi dinar, which officially settled at 1,300 dinars to one dollar.
And he added, "Because of the weakness of the regular market institutions in verifying the positive signs of the strength of the national economy and the strength of its reserves, which exceeded 115 billion dollars, the market is still affected by what is called in the economy (colored noise)."
He pointed out, "(colored noise) is an embodiment of distorted false information based on rumor to generate price noise and artificial deviations to achieve fatal or lightning profits at the expense of the effect on price stability itself without real awareness of two important things."
He pointed out, "The first of these two things is the foreign trade arm of the government that operates in accordance with international rules of trade and carries flexibility and a very high possibility in providing commodity supply at stable prices at any moment, and the second is the role of effective packages launched by the Central Bank of Iraq and which it is working on." Monetary policy in accelerating the openness of the levels of meeting the demand for foreign currency, with the degree of progress of the banking system in the transparent use of foreign trade financing documents for the private sector, so that conversion in foreign currency increases in accordance with the rules and provisions of international trade and international compliance controls.
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