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Parallel market
Economical 2023/08/15
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Muhammad Sharif Abu Maysam
The statement issued by the Central Bank on the third of August, regarding the rise in the exchange rate, is among the most important statements issued by this bank in this regard.
The statement clarified all the circumstances that stood behind the speculation market in exchange rates over the years, and presented the motives of monetary policy and its tools aimed at achieving monetary stability. before the law.
The media and many specialists in economic affairs used to call the “parallel market” the black market in which foreign currencies are traded as a market that operates away from government control, as the price in it is much higher than the official price.
What is new in this matter is that the Central Bank confirms, for the first time, that “no party or person has the right to trade in dollars issued by the Central Bank, and that trading and trading with it outside the licensed authorities is a prohibited activity according to the law, according to the text of Banking Law No. (94) of 2004.”
This matter, if applied on the ground, could contribute significantly to achieving monetary stability as soon as possible, while not underestimating the importance of other monetary policy tools referred to in the statement. The parallel market must have its own sources of foreign currency, as it is. In many countries, the demand for foreign currency is met by private sector exports, domestic tourism, remittances from residents abroad, or other market activities governed by legal market relations.
While the central bank intervenes in cases of imbalance in the exchange rate between the official market and the parallel market with the aim of creating stability in exchange rates, as in cases of “managed currency floating”, not that the source of foreign currencies traded in the local markets is from one source, which is the central bank, and the market is black market parallel.
Accordingly, and as stated by the Central Bank, such a market is a “speculative market,” and the Central Bank has the right to follow legal methods to sue speculators and those who promote them through the media or through social networking sites, as long as it is its only source, and whoever proves otherwise has the right to trade at the prices it decides. Because legitimizing illegal practices through these media tools has contributed over the years to shuffling the cards and harming the national economy.
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