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Economists: Most of the merchants without a banking culture
Economical 2023/03/19
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Shukran Al-Fatlawi
Economists agreed on the importance of enhancing the culture of small merchants banking, attracting them to apply the conditions of the electronic platform, and facilitating the process of obtaining dollars in order to mitigate the effects of the parallel market.
The Central Bank recently launched three reform packages to facilitate obtaining dollars, especially after the introduction of the electronic platform for remittances, as the country relies on importing most goods and merchandise by merchants.
The economist, Dr. Mustafa Hantoush, told Al-Sabah: The Central Bank continues the process of attracting small merchants, because most of them lack the banking culture in terms of bringing the invoice, customs and tax processes, carrying out dollar purchases and retail sales, and withdrawing bills.
He added that the third package of reforms of the Central Bank aims to increase the supply, but some companies and individuals have violated this mechanism to obtain dollars and benefit from the parallel market for the currency.
Hantoush added that the central bank moved to a wiser mechanism, which is selling cash at a rate of 2000 dollars, so the amount became useless for fictitious companies that took advantage of that when the specified amount was 7 thousand dollars, in addition to its tendency to fill out the (Master Card) when going to any country in the world, As the card holder performs the withdrawal process, reinforcing the currency of that country, and the dollar withdrawal is at the official rate.
Despite the Central Bank's extensive treatment packages and its high hard currency sales, the dollar's exchange rate is still high in the parallel market, with a difference of up to 200 dinars from the official rate.
For his part, economist Dr. Nabil Al-Marsoumi told Al-Sabah: The dollar crisis is not in the money supply, but rather the import remittances crisis that pushed the price up and put pressure on the dinar.
He warned that the current year will be difficult for the country because of this crisis, although Iraq possesses large reserves that exceed 100 billion dollars, and this is a paradox that requires a solution, because the central bank is shackled and cannot use the reserves to defend the exchange rate of the dinar, and thus the price of dollar exchange.
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