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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The appearance of Muhammad Saleh determines the reason for the discrepancy between the “official” an

    Rocky
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    • Post n°1

    The appearance of Muhammad Saleh determines the reason for the discrepancy between the “official” an Empty The appearance of Muhammad Saleh determines the reason for the discrepancy between the “official” an

    Post by Rocky Sun 12 Feb 2023, 5:32 am

    [size=30]The appearance of Muhammad Saleh determines the reason for the discrepancy between the “official” and “parallel” exchange rate
    [ltr]2023.02.12 - 09:29[/ltr]
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    Baghdad - Nas   
    Experts in finance and economics have expressed optimism that the Central Bank of Iraq's agreement with a major US financial institution to make payments to China's banking system will contribute to bridging the wide gap between the "official" and "parallel" rates of the dollar.  
      
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    And the advisor to the Prime Minister for Financial Affairs, Dr. Mazhar Muhammad Salih, stated that "the function of the monetary policy of the central bank is to impose stability, so when exchange rates began to approach (two decimal places) due to current inflation expectations, monetary policy entered with its reserves to raise the value of the Iraqi dinar."  
      
    He pointed out that "the reason for the difference in the official exchange rate from the parallel rate is not economic, but because of an international administrative regulation caused by transfers that constitute about 90 percent of the demand for currency, and these transfers are subject to compliance rules imposed by the US Treasury and the Federal Bank."  
      
    He emphasized that "all these are temporary problems, and that with the regularity of Iraq's foreign trade and its submission to compliance, transparency and governance controls, as was the case in Washington in terms of agreements and firmness, over time the exchange rates will stabilize."  
      
    Salih pointed out that "the Iraqi Central Bank's announcement that trade between Iraq and China, which exceeds $53 billion annually, will take place directly with China through the mediation of an American bank, which will bring the official price of the dollar closer to the parallel price by 50 percent."  
      
    In addition, the expert on economic affairs, Dr. Nabil Al-Marsoumi, said, "The gap between the official exchange rate and the parallel rate is expected, because the problem today is in bank transfers and restricting imports, so when bank transfers decrease by the range of 85-90 percent of foreign trade financing, the trend is Towards the (cash dollar) for which the demand has increased, so that we have two prices, the "parallel" that takes place between merchants at home, and the official exchange rate regulated and determined administratively by the Central Bank of Iraq.  
      
    Quoted from the "official newspaper"  
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