Speculation brings back the dollar crisis..and specialists: There are no fears for the national curr

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[size=52]Speculation brings back the dollar crisis..and specialists: There are no fears for the national currency[/size]

[size=45]Baghdad / Hussein Hatem[/size]
[size=45]It seems that the authorities were unable to control the price of the dollar, despite the passage of about four months from the adoption of the official price approved by the Council of Ministers at 1,300 dinars for one dollar.[/size]
[size=45]The exchange rate fluctuated in the local markets for about a month, between 1450 to 1470 dinars per dollar, although the Central Bank of Iraq sells it for 1320 dinars, which prompted the Ministry of Interior to prevent merchants and citizens from dealing in dollars in markets and shops, and restricted transactions in Iraqi dinars.[/size]
[size=45]The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in an interview with (Al-Mada) that “since the end of October 2022, the external transfer policy has witnessed new audit applications imposed by international financial cooperation regarding the audit of funds transferred outside the country through the foreign currency sale window in order to finance Foreign trade for the private sector and other permitted financing purposes.[/size]
[size=45]Saleh added, "For the first time, external transfer procedures are linked to an audit platform that monitors compliance levels in the legal and legitimate disposal of funds transferred in US dollars, with a view to investigating the natural and legal persons to whom the transfer is made, or the so-called knowledge of (the last beneficiary)."[/size]
[size=45]And he continued, “As the Central Bank of Iraq issued three important and soft packages during the current year that facilitate foreign dealings in dollars through the international compliance platform, this was accompanied by procedures and applications in financial and commercial policies, especially in the matter of facilitating import licenses, tax accounting, and the tax relationship with the foreign currency window, with an increase in the value of the dinar.” Iraqi by 10% in early February 2023, which all led to a decrease in the value of the dollar to the dinar to about 9 points, after it reached its peak by about 20 points in the first weeks of the beginning of this year.[/size]
[size=45]Saleh explained, "The foreign currency market and the speculators' intensification in the demand for the cash dollar is still continuing, to finance informal trade, and the phenomenon continues to put pressure on the stability of the exchange market, which made the dollar rise to about 12 points again, while the levels of banking compliance are increasing." continuous".[/size]
[size=45]In turn, the researcher in economic and financial affairs, Safwan Qusay, said in an interview with (Al-Mada), that “the government of Muhammad Shia’ al-Sudani is trying to control the border crossings, customs and taxes; To stop the smuggling of oil derivatives, the introduction of drugs, and those who obtain dollars illegally.[/size]
[size=45]Qusai added, "The increased demand for the dollar in the parallel market means that there are those who own the dinar illegally, and are trying to exchange it for another currency away from the authorities."[/size]
[size=45]And he indicated, "The government is proceeding with its procedures, towards launching financial inclusion in its new version, to transfer payment to government units electronically, and trying to issue electronic cards for all adults so that there is circulation among them to control the dinar."[/size]
[size=45]Qusai explained, "The Central Bank is still keen to direct traders to join a form of joint trade, with large merchants, and invest in the currency sale window to obtain the dollar at the official rate."[/size]
[size=45]He pointed out, "The issue of the dollar's rise requires joint management between the monetary authority represented by the Central Bank of Iraq and the economic authority, to control the dinar."[/size]
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