Parliamentary Finance: Commitment to the electronic dollar platform reached 85%

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[size=52]Parliamentary Finance: Commitment to the electronic dollar platform reached 85%[/size]

[size=45]Baghdad / Firas Adnan[/size]
[size=45]The Parliamentary Finance Committee reported that the rates of commitment to the electronic platform reached 85%, but indicated the formation of a sub-team that follows up the procedures for maintaining the price of the dollar, stressing that the current solutions have not yielded positive results until the present time.[/size]
[size=45]And the head of the committee, Representative Atwan Al-Atwani, stated, “The Central Bank is an important institution and has direct contact with the Finance Committee, as it is concerned with monetary policy and the situation of hard currency in Iraq.”[/size]
[size=45]Al-Atwani added, "The most hosted institutions in the Finance Committee are the Central Bank of Iraq during the current election cycle."[/size]
[size=45]He pointed out that “the issue of the dollar is one of the important and strategic issues,” explaining that “the period preceding the assumption of the current governor of the Central Bank, Ali Al-Alaq, witnessed uncontrollable unrest.”[/size]
[size=45]And Al-Atwani stated, “This transitional process between the open transfer of the dollar and the electronic platform system through which the dollar is sold has created a problem in Iraq.”[/size]
[size=45]And he stated, "The Iraqis are not accustomed to this system," stressing that "many company owners and merchants were buying dollars from licensed banks."[/size]
[size=45]And Al-Atwani added, “The banks were classified on three levels, and each of them was given his share of the dollar according to the classification.”[/size]
[size=45]And he stressed, “This discrepancy between one bank and another generated some problems and criticisms about the reason for this discrepancy.”[/size]
[size=45]Al-Atwani continues, “The new path of the Central Bank needs to be absorbed by everyone, as it preserves the cash and the exchange rate.”[/size]
[size=45]And he stressed, “This mechanism allows the central bank to see the paths of the dollar in any directions it has gone.”[/size]
[size=45]Al-Atwani said, “The transition between the old and the new regime generated confusion, and it takes some time for the merchant to adapt to it.”[/size]
[size=45]He stressed, "What currently exists in addition to the official market, is the black market, where the dollar is taken from the Central Bank at a price of 1,300 dinars, and sold for about 1,500 dinars."[/size]
[size=45]Al-Atwani went on to say, "The completion rate on the electronic platform has reached between 80 and 85 percent, but there is still tax evasion and a departure from the official path set by the Central Bank to obtain dollars."[/size]
[size=45]For his part, committee member Hussein Moanes said, "Parliamentary Finance has formed a committee to follow up the measures taken regarding the dollar crisis."[/size]
[size=45]Moanes continued, "This committee includes members of the parliamentary finance concerned with supervising and controlling the work of Iraqi banks."[/size]
[size=45]He pointed out, "Parliament is determined to follow up on the dollar crisis, its continuous rise, and the discrepancy with the official price adopted by the government."[/size]
[size=45]Moanes pointed out, "This issue is the preoccupation of public opinion, as it affected the simple citizen and contributed to the high prices, which is the title of the country's sovereignty."[/size]
[size=45]He stressed, "All the solutions that are being talked about by the concerned authorities, especially the Central Bank of Iraq, have not seen clear results, so they require follow-up so that we can give a clear and frank opinion about them."[/size]
[size=45]The other member of the committee, Mueen Al-Kadhimi, demanded that “there be real steps from the Central Bank to provide what the Iraqi merchant needs from remittances without delay from the US Federal Bank.”[/size]
[size=45]Al-Kazemi continued, "Providing the required quantities for merchants will relieve pressure on the black market to sell dollars."[/size]
[size=45]He pointed out, "The central bank's measures seek to control the dollar and prevent the discrepancy between the official rate and the parallel market."[/size]
[size=45]Al-Kazemi stressed, "The House of Representatives supports all measures taken by the government or the central bank to control the economic situation and in a way that secures the return of the dollar price to its normal state and within the rates announced by the government and put into the budget."[/size]
[size=45]Yesterday, Wednesday, the central bank’s sales amounted to about $195 million, during its auction to buy and sell US dollars.[/size]
[size=45]According to the bank’s regulations, its total sales today amounted to 195 million 371 thousand and 636 dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for foreign transfers and at a price of 1310 dinars per dollar in cash.[/size]
[size=45]According to the table, “Most of the dollar sales went to boost balances abroad in the form of (remittances, credits) at 156,191,636 dollars, while the rest of 39,180,000 dollars went in the form of cash sales.”[/size]
[size=45]The government had decided earlier to make the price of the dollar 1,300 dinars, but the parallel market is still recording high prices that exceed 1,500 dinars.[/size]
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