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Specialist: Central sales go to "black banks"...and the decline in the auction will raise the dollar
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Baghdad today - Baghdad
Today, Sunday (August 27, 2023), the expert in financial affairs, Nasser Al-Kinani, confirmed that the central bank’s sales go to the influential banks, which work on “black transfers.”
Al-Kinani said, to "Baghdad Today", that "the increase in central bank sales has become less affected by the exchange rate of the dollar in the local market, because the majority of those sales go to banks owned by the influential, and which are directly responsible for black remittances, and for this came to prevent some of those banks from dealing in dollars.
And the expert in financial matters stated that “the decrease in central bank sales will certainly have an impact on the issue of the high exchange rate, as this decrease will lead to a scarcity in the dollar currency,” noting that “those banks and speculators will work to collect dollars with the aim of providing currency for the purpose of continuing black transfers.” ".
Sales of the Central Bank of Iraq are currently hovering around $200 million per day, after it used to exceed $250 million, while exchange rates continue to fluctuate in the black markets due to traders financing their trade in parallel dollars instead of the official dollar to escape taxes, or because of imports. From countries banned from the dollar, such as Iran.
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