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Parliament: Simplifying central procedures contributes to lowering the price of the dollar
Iraq 2023/08/23
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Baghdad: Shaima Rashid
The Parliamentary Finance Committee pointed out that a number of measures must be taken in order to reduce the exchange rate of the dollar, whether they are technical or related to the Central Bank and its procedures, while the Central Bank prevented the collection of any additional commissions when selling cash dollars to a traveling citizen.
Committee member Mueen Al-Kazemi said, in an interview with Al-Sabah: The important factor for the decline in the dollar exchange rate is the simplification of the central bank’s procedures for merchants to urge them to resort to the currency window and not go to the parallel market that caused the exchange rate to rise, in addition to simplifying the procedures for granting sums. For Iraqi travelers instead of the current method. Al-Kazemi added that another problem must be discussed with the US Federal Reserve regarding the countries from which the Iraqi merchant imports and does not grant a transfer to them, given that there is a national interest for the Iraqi people with this import. And on some technical matters, Al-Kadhimi called for consideration of simplifying the issue of tax that can be deducted in the central bank instead of reviewing tax departments and entering into a complex routine, stressing that all these matters must be followed up by consulting the private sector, which is basically the root of the problem from in order to obtain positive results. In a related development, the Central Bank prevented, yesterday, Tuesday, the collection of any additional commissions when selling cash dollars to a traveling citizen. According to a document issued by the bank, which Al-Sabah viewed, that based on the decision of the bank’s board of directors, it was decided that the sale of the cash dollar allocated for travel purposes to banks and exchange companies and to mediate the sale and purchase of foreign currencies will be at a price of (1305) dinars for each dollar purchased from this bank, Provided that the selling price of the dollar to the traveling citizen does not exceed (1320) dinars per dollar, adding that it is forbidden to collect any additional commissions when selling cash dollars to the traveling citizen as long as the dollar is purchased from this bank and according to the relevant instructions and controls.
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