“Retaliatory” measures against money changers and looming demonstrations.. How did the Central Bank cause the exchange rates to rise?[You must be registered and logged in to see this image.]
Baghdad today - Baghdad
The “severe” measures and restrictions on exchange companies are still being imposed by the Central Bank, which experts and specialists indicate has failed to achieve monetary stability, as the market exchange rate is still 23 points away from the official exchange rate, which explains that the measures taken against companies Money exchange had the opposite results, and did not maintain the stability of exchange rates.
The Iraqi Parliament paid attention to this matter, and some representatives began to raise their voices to dismiss the Governor of the Central Bank, Ali Al-Alaq, especially with what experts and specialists indicate of measures described as “arbitrary” against exchange companies, which in fact only take 5% of the total daily sales of the Central Bank, and with The Central Bank is stressing these companies with treatment that resembles “treason,” while experts confirm that one of the most prominent reasons for the rise in exchange rates over the past few weeks is reducing the share of exchange companies by half, which are supposed to sell dollars to travelers, as it was 100 thousand dollars. per day, and it was reduced to about 30 thousand dollars per day only, which means that the company is allowed to provide only 10 passengers with dollars.
The memory of carrying out arrests against the owners of exchange companies and preventing the circulation of the dollar, even though the constitution does not prohibit the circulation of any currency, is still fresh in everyone’s minds, and due to these and other accumulations, the owners of exchange companies are preparing to go out in a large demonstration next Thursday, while threatening a comprehensive strike in all the governorates. .
The companies said in a joint statement that they “announce their readiness to begin a wave of protests that will begin with a major demonstration next Thursday, October 5, followed by a comprehensive general strike in all governorates, stopping the activities of all companies, and officially withdrawing from the currency auction window in protest against the severe confusion.” In the Central Bank’s decisions, hostile and retaliatory practices, and the illegal penalties and deprivations that affected more than 1,000 companies and contributed to the rise in the dollar exchange rate and caused severe damage to the private sector, of which exchange companies are considered one of its most important pillars, with a number of companies amounting to 2,000 companies and employees of more than 10,000 employees who have a prominent role in The rotation of the wheel of the Iraqi economy and the sustainability of its activity.”
The exchange companies announced that “the Central Bank has delivered a package of demands that contribute to the stability of the local market and support the private sector, the most prominent of which are:
1- Stop all arbitrary measures, the policy of revenge and sanctions, and exercise the evaluative supervisory role of the Central Bank’s departments so that financial institutions can develop their work and continue their activities.
2- Re-introducing the legal contexts previously in effect by inquiring and clarifying with the company before issuing penalties and deprivation letters.
3- Putting an end to the arbitrary dealings and injustice that befell companies and issuing clear and binding schedules showing every violation and its punishment.
4- Returning the companies’ previous cash shares to the companies to meet the needs of travelers and to cover the expenses of continuing their work.
5- Completing late transactions and resolving them as quickly as penalties are issued.
6- Uprooting the corrupt elements nested in the departments of the Central Bank and urgently rotating the corrupt elements who intend to harm this institution in particular and the Iraqi state in general.”
Source: Baghdad Today + Agencies