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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Three observations on the performance of the Iraqi Central Bank... The framework and the government

    Rocky
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    Three observations on the performance of the Iraqi Central Bank... The framework and the government Empty Three observations on the performance of the Iraqi Central Bank... The framework and the government

    Post by Rocky Fri 06 Oct 2023, 4:45 am

    Three observations on the performance of the Iraqi Central Bank... The framework and the government are studying changing the bank’s leadership
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    Baghdad today - Baghdad
    Recently, attention has been focused on the Central Bank and monitoring its work in how to contain the dollar crisis, because of its close connection to the lives of citizens and the high cost of living goods, which have become exhausting for many due to the increasing rise of the dollar day after day.
    3 notes
    The leader in the coordination framework, Jabbar Odeh, revealed in an interview with “Baghdad Today”, today, Friday (October 6, 2023), that 3 observations were recorded on the performance of the Central Bank.
    Odeh said, “The Central Bank is an important institution in the state’s structure, and it is concerned with very sensitive issues related to the country’s economy in terms of managing the financial file and its reserves, controlling the price of hard currencies, and preventing any collapse of the dinar, which leads to great exhaustion for families, especially since we have approximately 13 million Iraqis below the poverty line.” According to the rates of the Ministry of Labor.
    Challenges
    He added, "The financial challenges have worsened recently, especially with the increase in the difference between the official selling price of the dollar and the parallel market, in addition to linking measures to limit currency smuggling and the errors accompanying it, amid complaints from many segments."
    Odeh pointed out that "observations on the performance of the Central Bank will prompt the coordination framework to discuss the issue of making changes in the structure of the Central Bank with the government according to what it deems appropriate in accordance with the principle of comprehensive evaluation."
    He continued, "The existence of the vast gap between the official and parallel rates until the end of the current year 2023 without any changes means the necessity of reconsidering the plans by the Central Bank according to a new specialized vision that helps create stability, especially since any rise will lead to an additional burden on the shoulders of millions of poor people in the country." .
    "Confused" decisions
    For his part, financial affairs expert Ali Al-Rasheed said yesterday, Thursday (October 5, 2023), that the Central Bank’s decisions are confused and do not have real solutions to the dollar crisis.
    Al-Rashid said in an interview with "Baghdad Today", "All the decisions of the Central Bank regarding its attempt to control the dollar crisis are patchwork measures, and they all indicate the bank's confusion in confronting this crisis, and also indicate that it does not have any real solutions to this crisis, which has begun to affect... significantly affecting the local market.
    He stated that "private banks, especially those affiliated with some influential parties and figures, control the dollar without any oversight by the Central Bank or the Iraqi Banks Association, and this is what prompted the banks to give the dollar to whomever they want without right and outside all legal controls."
    Last February, the Central Bank decided to raise the value of the official exchange rate of the dinar against the dollar by 10 percent in a measure aimed at reducing the depreciation of the currency that accompanied the adoption of more stringent regulations regarding financial transfers outside the country.
    The government then agreed to the Central Bank’s proposal to raise the value of the exchange rate from about 1,470 dinars to 1,300 dinars per dollar, which had a clear impact on the exchange market at that time by reducing prices that reached the level of 1,700 dinars in the parallel market.
    Banks must now manage these transfers through the “SWIFT” electronic platform, which is synonymous with more stringent monitoring of transactions, especially by the US Federal Reserve, which rejects any transfer deemed suspicious.
    With the start of implementing the electronic system, the Federal Reserve rejected 80 percent of banks’ financial transfer requests due to doubts related to the final destination of the amounts being transferred.
    The authorities admitted that the old transfer system allowed many abuses, as some users obtained dollars from the Central Bank through official channels, to carry out money laundering operations abroad or capital flight.
     Source: Baghdad Al-Youm + Agencies
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