Government advisor: A major force that dominates the financial market in Iraq
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Baghdad today - Baghdad
Today, Tuesday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, pledged the stability of the dollar exchange rate against the Iraqi dinar to the “commitment” of banks and merchants to the instructions of the Central Bank, while he indicated that there is a “great force that dominates the market.”
Saleh said, in an interview with the "Lebanese newspaper Al-Akhbar" and its follow-up (Baghdad Today), that "the problem of the high price of the dollar is the result of wrong economic policies that lack proper planning, especially in the field of the market," noting that "the reform packages presented by the central bank did not solve it." The whole problem is the dollar's rise radically, but only temporarily.
He continued, "Private banks, as well as owners of large capitals, were dealing completely freely and randomly, but with the presence of the electronic platform developed by the American side, they discovered that all their dealings were unofficial, and there is also randomness in their data and information with the Central Bank."
He continued, "Private banks, as well as owners of large capitals, were dealing completely freely and randomly, but with the presence of the electronic platform developed by the American side, they discovered that all their dealings were unofficial, and there is also randomness in their data and information with the Central Bank."
He added, "This is what facilitated money laundering and smuggling abroad, which has become a popular trade in the market, without supervision or control by the concerned authorities."
Counselor Saleh suggested that the dollar crisis would continue if bank owners, merchants and foreign remittances did not adhere to the new instructions set by the Central Bank.
Counselor Saleh suggested that the dollar crisis would continue if bank owners, merchants and foreign remittances did not adhere to the new instructions set by the Central Bank.
With regard to negotiations with the American side, he pointed out that the crisis is primarily internal, noting that "Iraq did not adhere to international standards in managing the movement of funds."
He asked about "the benefit of these dialogues if we are not the decision makers in regulating our financial situation."
Saleh ruled out that "the state's intervention in holding the moneylenders and dealers accountable will contribute to addressing the situation," explaining that "this is the result of the dominance of a great power that colonized the market."
Yesterday, the Central Bank of Iraq confirmed that it records public complaints and inquiries about selling dollars daily from eight in the morning until four in the afternoon.
He said, in a statement received by (Baghdad Today), that "the Central Bank continues to receive public comments, complaints and inquiries related to outlets for selling foreign currency, the dollar."
He added that the public can call for this "from eight in the morning until four in the evening at the numbers 07853330555 and 07809224663."
With regard to the visit of the Iraqi delegation to Washington, Foreign Minister Fuad Hussein indicated in his press conference yesterday that "the Iraqi currency is strong for many political and economic reasons, and the Iraqi reserves exceeded 100 billion dollars," stressing that "the dollar crisis has to do with the electronic financing system and before the system was implemented." The economy was dealing with cash.
And the minister stated, "Iraq's dealings with the cash system led to problems for merchants with how to deal with the new electronic platform for dollar financing, which revealed many unreal bills for financing," explaining that "the market need differs from the size of the currency in dollars that was paid before the electronic platform."
And the Foreign Minister stressed, "There will be stability for the dinar currency against the dollar, and the issue is only a matter of time, as the price of the dollar before the delegation travels to Washington and the decisions of the Central Bank and the government differs from what follows these steps."
Hussein continued, "The dollar has stopped rising and is now declining as a result of government measures and the delegation's visit to Washington," pointing out that "there are no conditions on the issue of the dollar, but rather understandings and discussions with the US administration about the Central Bank's procedures in cooperation with the US Treasury."
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