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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


    Central Bank Governor Ali Al-Alaq announces new legal steps to reduce the exchange rate gap

    Rocky
    Rocky
    Rocky
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    Posts : 281148
    Join date : 2012-12-21
    • Post n°1

    Central Bank Governor Ali Al-Alaq announces new legal steps to reduce the exchange rate gap Empty Central Bank Governor Ali Al-Alaq announces new legal steps to reduce the exchange rate gap

    Post by Rocky Thu 16 Mar 2023, 4:03 am

    [size=45]Central Bank Governor Ali Al-Alaq announces new legal steps to reduce the exchange rate gap
    1 hour ago[/size]

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    On Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed anticipated “legal steps” with the aim of reducing the gap in the exchange rate.
    Al-Alaq said in a statement during the seventh Sulaymaniyah Forum today, (March 16, 2023), “We will take the necessary legal steps within the framework of the dinar being a major currency prevailing in the market, in cooperation with the government.”
    He added, "Buying and selling in a foreign currency is a strange thing and a widespread phenomenon in the Iraqi markets, which is (the dollarization of the market)."
    He continued, "Externally, we do not have a problem with remittances, and every day we open new outlets to sell dollars at the official rate."
    He pointed out that "the currency is a symbol of sovereignty and a title for the country, and abandoning it is tantamount to lowering the flag."
    Earlier, Al-Alaq confirmed that the exchange rate and inflation have witnessed an increase during the last two years, and that the price margin for the dollar exceeded 20%, while indicating that this phenomenon affects the economic and social reality and weakens the purchasing power of citizens.
    Al-Alaq said, “Inflation and the exchange rate are high with factors, and we notice a growth in the money supply, and the currency export witnessed a storm, which is an abnormal growth in the absence of productive growth, and indicates an increase in import demand.”
    And he added, “The central bank law stipulates that it sells foreign currency without placing restrictions, and the text of the phrase in the article is (simple unconditional sale), which is the ideal case through which the central bank can maintain the exchange rate, that is, respond to every demand for the dollar.”
    He pointed out that "the problem is that there are more controls and standards in verifying the buying and selling of foreign currency, and with the increase in the international currency war, it makes the process of setting more controls and restrictions increasing."
    He pointed out that “the Central Bank has become in a complex balancing process between achieving simple, unconditional sales so that there is no room for price difference and speculation, and the application of these standards that require a review of all operations. Unfortunately, the Central Bank bears additional burdens in applying these standards due to the absence of a role.” Other institutions that are supposed to help in the process of verifying operations, for example, if our border crossings are at a degree of organization and recording operations correctly, it will enable all parties to know the foreign dollar and match these operations .. There are large gaps in the border crossings, some of which are diagnosed From many years, and some of them seek experience.”
    And he indicated, “The central bank has the ability and desire to achieve its goal of responding to the dollar’s ​​demand, whatever its size, and it is now able to offer the dollar at the level of demand; However, what reduces this offer is a group of merchants and others, who are not ready to enter into these processes and controls. Therefore, there is a shortage in the process of covering the demand, if we see that the existing rates of remittances and the demand for dollars and credits, as they cover only a small percentage of the real trade of Iraq, and we are trying to bridge this gap through various means to earn these people and their entry into the process from its correct gate.
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    Rocky
    Rocky
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    Posts : 281148
    Join date : 2012-12-21
    • Post n°2

    Central Bank Governor Ali Al-Alaq announces new legal steps to reduce the exchange rate gap Empty The central bank governor announces a new step to reduce the exchange rate gap

    Post by Rocky Thu 16 Mar 2023, 5:35 am

    [size=30]The central bank governor announces a new step to reduce the exchange rate gap
    [ltr]2023.03.16 - 10:42[/ltr]
    [/size]
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    Baghdad - people  
    On Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed anticipated "legal steps" with the aim of reducing the gap in the exchange rate.  
      
    [You must be registered and logged in to see this link.]  
      
      
    Al-Alaq said in a statement during the Seventh Sulaymaniyah Forum, followed by "NAS" (March 16, 2023), "We will take the necessary legal steps within the framework of the dinar being the main currency prevailing in the market, in cooperation with the government."  
      
    He added, "Buying and selling in a foreign currency is strange and a widespread phenomenon in the Iraqi markets, which is (the dollarization of the market)."  
      
    He continued, "Externally, we do not have a problem with remittances, and every day we open new outlets to sell dollars at the official rate."  
      
    He pointed out that "the currency is a symbol of sovereignty and a title for the country, and abandoning it is tantamount to lowering the flag."  
      
    Earlier, Al-Alaq confirmed that the exchange rate and inflation have witnessed an increase during the last two years, and that the price margin for the dollar exceeded 20%, while indicating that this phenomenon affects the economic and social reality and weakens the purchasing power of citizens.  
      
    Al-Alaq said, "Inflation and the exchange rate are high with factors, and we notice a growth in the money supply, and the currency export witnessed a storm, which is an abnormal growth in the absence of productive growth, and indicates an increase in import demand."    
      
    And he added, "The central bank law stipulates that it sells foreign currency without placing restrictions, and the text of the phrase in the article is (simple unconditional sale), which is the ideal case through which the central bank can maintain the exchange rate, that is, respond to every demand for the dollar."    
      
    He pointed out that "the problem is that there are more controls and standards in verifying the buying and selling of foreign currency, and with the increase in the international currency war, it makes the process of putting more controls and restrictions increasing."    
      
    He pointed out that "the central bank has become in a complex balancing process between achieving simple unconditional selling so that there is no room for price difference and speculation and the application of these standards that require a review of all operations, unfortunately the central bank bears additional burdens in applying these standards due to the absence of a role Other institutions that are supposed to help in the process of verifying operations, for example, if our border crossings are at a degree of organization and recording operations correctly, it will enable all parties to know the foreign dollar and match these operations .. There are large gaps in the border crossings, some of which are diagnosed From many years, and some of them beg for experience.    
      
    And he stated, “The central bank has the ability and desire to achieve its goal of responding to the dollar’s ​​demand, whatever its size, and it is now able to offer the dollar at the level of demand; There is a shortage in the process of covering the demand, if we see that the existing rates of remittances and the demand for dollars and credits, as they cover only a small percentage of the real trade of Iraq, and we are trying to bridge this gap through various means to earn these and their entry into the process from its correct gate.    
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