Home
Speculators and analysts manipulate the price of the dollar through “false assumptions”
The first 09/17/2023
[You must be registered and logged in to see this image.]
Baghdad: Huda Al-Azzawi
A “false hypothesis” claiming that visits by US Treasury officials to the capital, Baghdad, aimed at increasing sanctions on banks, has gained currency in the local market and was the main reason for the rise in the dollar exchange rate over the past few days. Specialists in economic affairs have shown that these hypotheses unleashed by beneficiary speculators are supported and promoted by many economic or political analysts for several reasons.
The economic affairs analyst, Nabil Jabbar Al-Tamimi, stated in an interview with “Al-Sabah” that “there is a link between the rise in the exchange rate of the dollar and the sanctions imposed on banks, and this link came as a result of traders and some people benefiting from the economic analysis,” stressing that “there is no relationship to the rise in... The exchange rate when imposing sanctions on four banks in November 2022, as well as when imposing sanctions on 14 banks after that date,” explaining that “these assumptions are economically illogical, because the (14) banks had an entry rate of about 8% in the currency auction and can be covered.” By other banks.
He pointed out that "these hypotheses are unleashed by some economic analysts for the purpose of benefiting from them, especially since some of them have political leanings against the current government, and try to distort the facts by promoting such (false hypotheses) or have a connection with currency traders, and this is what The authorities alerted him,” and Al-Tamimi expected that some of these economic analysts would be “arrested” in the next few days.
He pointed out that "the Communications and Media Commission stressed the importance of avoiding misleading information on more than one occasion, which causes an increase in exchange rates. This information must be addressed by government authorities to refute it and hold accountable everyone who promotes false information that causes an increase in the exchange rate."
For his part, the professor and analyst in economic affairs, Dr. Jaafar Alloush, indicated in an exclusive interview with “Al-Sabah” that “the incorrect reading of the visits of treasury officials is what gives general impressions that compliance with international standards has not been achieved, and thus creates pessimistic expectations that help raise the dollar exchange rate.” While the Central Bank’s data explaining its policies confirms progress in accordance with those policies
Standards".
Alloush considered the unstable rise in the exchange rate “an economically unjustified rise, but it is linked to the abundance and expansion of the volume of internal exchanges in the dollar currency, supported by the increasing types and volume of imported goods that are financed in dollars,” and explained that “the demand for the dollar is multi-faceted and depends on the volume of transactions (which It constitutes a growing demand), as the rise in the exchange rate of the dollar is directly proportional to the volume of internal trading in it, and with there being only one source for supplying the dollar, which is the central bank (the window for selling the currency) and through the mediations of commercial banks that finance these exchanges, especially foreign trade, in exchange for the limited supply of this supply. “The problem remains in the form of a real gap between the increasing demand for dollar transactions and the limited supply.” He pointed out, “Here lies the danger of lowering the exchange rate by the central bank and losing its effectiveness unless the means of financing trade are legalized and the volume of local dollar exchanges is reduced.”
Regarding the repeated visits of US Treasury officials to Baghdad, Alloush stated that “those visits come to ensure the application of these international standards, and they are also periodic visits that have occurred for a long time, and there are financial relations linking the Central Bank of Iraq with the Federal Reserve and the American Treasury, and meetings are held.” "A regular period between the two parties to review many issues."
He explained, "These days, the visits of American officials to Baghdad are being exploited in the media to inject more waves of pessimism that are directed towards creating a supportive climate for the instability of the dollar exchange rate, knowing that this rise has become a financial resource for many speculators, some of whom control the parallel exchange market, because Dollar trading has expanded its base, and this expansion creates additional difficulties for the monetary authorities and the central bank in controlling the gap in the parallel rate with the official rate.
Edited by: Muhammad Al-Ansari
[You must be registered and logged in to see this link.]
» utube 11/11/24 MM&C News Reporting-IRAQ-USA-Financial Inclusion up 48%-Money Inside & Out of Iraq
» "Thousands of them are suspended" .. Draft laws challenge the remainder of the life of the current p
» Population, oil and salaries...hot files in the meeting between Al-Sudani and Barzani
» Political attempts to obstruct it.. Personal Status Law on its way to legislation
» MP: Al-Sudani has reached the conviction of the necessity of removing some ministers
» Central Bank announces progress in dollar control procedures
» Baghdad.. Closing 144 informal metal smelting factories to reduce pollution
» Private Banks Association: Iraq to adopt advanced trade finance system by end of 2024
» Severe imprisonment for former Minister of Transport for deliberately violating his job duties
» 4 new pharmaceutical factories
» Iraq's move to attract $250 billion in investments welcomed
» Financial inclusion and banking restructuring
» Iraq records 4% economic growth, moves towards sustainable diversification
» Al-Sudani and Barzani discuss finding solutions to common issues "according to the constitution"
» Requesting Iraqi mediation.. US delegation arrives in Baghdad to follow up on the "hotline" with Teh
» Iraqi oil continues to decline for the third day in a row
» Population census in Iraq: social and political importance and a major challenge for the government
» Next Thursday.. the start of the first phase of the census
» 11 international companies compete to operate Faw Port
» Baghdad conveys Trump's message to Tehran: Stop proxy wars... and confirms removing the opposition f
» Iraq contracts to purchase defense systems and helicopters
» Has Al-Sudani's government succeeded in keeping the fire away from Iraq?
» Justice announces the Ministry of Finance’s approval to appoint contract employees in all judicial d
» Expert: Traders’ dealings with sanctioned markets trigger demand for dollars on the black market
» Anbar.. Al-Waleed District summarizes the completed and under-construction projects for the current
» A government delegation reviews the work stages and completion rates at Nasiriyah International Airp
» Al-Mashhadani to the Sovereignty Bloc delegation: The necessity of turning the page on differences b
» Al-Hasnawi: Iraq will benefit from green climate funds to improve the environment
» New decisions approved by the Council of Ministers during today's session
» The Chairman of the Trade Bank of Iraq reveals to Alsumaria the interest rate on loans
» The 10 cheapest countries to pay electricity and gas bills.. Where is Iraq?
» Al-Sudani and Nechirvan Barzani at one table in Erbil
» Here are the dollar prices in the Iraqi stock exchanges
» Parliamentary Committee Reveals to Alsumaria Latest Developments in Israeli Violation of Iraqi Airsp
» The largest of its kind in Iraq.. Launching a pioneering medical conference for professional develop
» A source explains the circumstances of transferring 75% of the Ministry of Interior’s civilian emplo
» Weapons are becoming more "loose" and the Interior Ministry is "politicizing"
» Government messages to citizens regarding the population census in Iraq
» What is Iraq's ranking in the Artificial Intelligence Index?
» utube 11/9/2 MM&C News Reporting-Sudani Art IV IMF-Port Faw Open-CBI Governor-No Room for Tw
» Finance Committee discusses revenue enhancement and investment budget allocations with governors
» His advisor: Al-Sudani's visit to Kurdistan focuses on these files
» Al-Tamimi explains the importance of the real estate return law
» MP: The administrative capital is a project under study and 2025 is the decision date
» Parliamentary Planning: Al-Sudani's government has not achieved what it pledged in its program
» MP: Baghdad has started funding the governorates to complete their projects
» Al-Haboubi: The Riyadh Summit ignored the most important item that would force the entity to stop th
» Foreign remittance sales increase by 99% at Central Bank auction
» Trade Bank of Iraq clarifies interest rates on its loans in 5 areas
» Iraq prepares to launch a group of investments worth a quarter of a trillion dollars
» Bitcoin Approaches $90,000 for the First Time Ever
» Minister of Electricity directs investigation into high electricity bills
» Iraqi Ministry Approves Contract Fixing
» Iraq prepares investment portfolio to attract $250 billion in two years
» What is the cost of the population census in Iraq?
» Parliamentary Finance Committee discusses investment budget allocations with a number of governors
» President of the Republic: Iraq is fulfilling its obligations under the climate agreement
» The position of truth
» The government places achieving development among the priorities of the 2025 budget
» Next Thursday .. Planning begins the first step of the census
» The utility of the population census
» Iraq needs to address funding issues
» The risk of oil supply disruption has receded.
» Parliamentary Finance Committee discusses with a number of governors the allocations of the investme
» Integrity: Two new rulings issued against the director of a government bank in Diyala
» Federal Ministry of Finance returns payrolls of regional employees due to technical problems
» Iraqi analysis of the results of the "Riyadh Summit": Ink on paper and will not change anything in r
» Finance Ministry approves the establishment of all contracts in justice institutions
» In various fields.. Preparations to launch a group of "unprecedented" investments in Iraq
» Al-Sudani's advisor announces US Treasury support mechanisms for Iraq
» Indomie and dollar smuggling: Has fast food become a cover for currency smuggling from Iraq?
» Including personal status.. Former MP: Parliament will resume work next Saturday to pass laws
» Politician: America has put Iraq at its mercy and controls all its imports
» “Political” Interventions in Nineveh Education... Transferring Staff and Appointing “Contractors” as
» Al-Sudani at the Riyadh Summit... and American messages may be passed to Tehran via Baghdad
» Is the Grand Faw Port Iraq's gateway to global trade?
» After extending its legislative term... Why has Parliament not held any session yet?
» Karrada bids farewell to its trees: Road expansion sparks controversy over the future of the environ
» Victory Coalition talks about the outbreak of a “war of leaks” and reveals an external breach
» Al-Mashhadani confirms to the US Ambassador the importance of resolving the security agreement file
» Al-Sudani: Iraq strongly renews its initiative to establish an Arab and Islamic fund
» Al-Khazaali: The importance of activating cooperation mechanisms between Iraq and Azerbaijan in the
» Al-Araji and Salami discuss details of joint security agreement and border control between the two c
» Al-Sudani and Bin Salman stress the need to coordinate positions to stop the war and provide relief
» Parliamentary Finance: The government has started preparing the 2025 budget
» Al-Sudani to Bin Salman: We appreciate the efforts made by the Kingdom to hold the summit called for
» What did Iraq achieve in its meetings with the US Treasury, and did it succeed in controlling the sa
» Morning list of dollar exchange rates in Iraq
» Ziggurat of Aqar Quf.. A new step to choose Baghdad as the Arab Tourism Capital for the year 2025
» Notice regarding applying for the free scholarship channel for the medical group colleges
» After questions published on Alsumaria.. Planning sends a message to Iraqis: Don't worry
» Al-Mashhadani to the US Ambassador: The importance of resolving the security agreement file by the e
» Mr. Al-Hakim: We support the automation of government sectors to stimulate the economy and move prod
» Embezzlement of 570 million dinars from a bank in Babylon
» The housing dream is fading away: Are housing complexes only for the wealthy?
» Economist identifies main reason behind dollar's rise
» Al-Mutalibi: The Riyadh Summit is a preparation for the American project towards Palestine
» With the document.. The State Council completes the review of the law on the care of minors in Iraq