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Experts: Banking companies “violate” the instructions of the Central Bank
The first 2023/03/27
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Baghdad: Shukran Al-Fatlawi
Experts in financial matters called on the Central Bank to stop dealing with exchange companies that violate the instructions for selling dollars, while they called for setting weekly or monthly quotas for each merchant or customer in order to increase the supply of dollars in the parallel markets.
Yesterday, Sunday, the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 154,200 Iraqi dinars, compared to 100 dollars. Financial expert Ahmed Al-Hathal told Al-Sabah, “Regulating the exchange market requires dealing with the dollar as a commodity subject to supply and demand, by setting weekly or monthly quotas according to the need for the merchant or customer,” noting that “this produces a large supply of dollars, and thus the price approaches.” parallel to the official price. In a move that enhances the value of the local currency against the dollar, the Central Bank last month amended the official dollar exchange rate to 1,300 dinars, instead of 1,470 dinars. Al-Hathlal added that "a number of licensed exchange companies violate the Central Bank's instructions, as they use false data in the dollar transfer process, so the Central Bank should withhold their dollar share and not deal with them," explaining that "these people form a (cartel) that monopolizes the dollar in order to Achieving monopolistic profits, not economic ones.
For his part, economist Dr. Adnan Bahia told Al-Sabah that "the reform packages of the Central Bank focused on increasing dollar sales outlets, which indicates a real breakthrough in the crisis." He explained that "some banks in Europe have reduced confidence in the dollar, and China's dealings with a number of countries have begun in Chinese yen, which will lead to a decrease in global demand for the dollar and thus a decline."
the prices".
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