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[size=36]Advisor to the Prime Minister: The Central Bank’s circular on dollar trading will contribute to market stability[/size]
Economy | 10:10 - 11/23/2023
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Mawazine News - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Thursday, that the decision to circularize the Central Bank today regarding trading the dollar from outside the platform according to supply and demand, will provide high flexibility in supply that contributes to market stability.
Saleh told the official news agency, followed by Mawazine News, that “liberalizing foreign exchange buying and selling operations is not an alternative to the policy of defending price stability and the government’s plan to interfere in the stability of the general level of prices.”
The Central Bank of Iraq had issued circulars to the licensed banks regarding their share and the sale of the dollar to citizens at the official price yesterday, Wednesday, as it confirmed that its circulars, No. 463/3/9, on 8/17/2023, paragraph (first), thereof, stated that the official price for selling the cash dollar to... The final beneficiary, the citizen, who amounts to (1,320) dinars/dollars, will go to the cash share received by the banks and exchange companies and mediate in buying and selling foreign currency directly from this bank/buying and selling window of foreign currency. It must be adhered to and sold according to the instructions communicated to you. Otherwise, the price is subject to the forces of supply. And market demand.
The advisor to the Prime Minister added, “Families, natural and legal persons in Iraq are hoarding amounts of cash in foreign currency and outside the banking system amounting to billions of dollars and are subject to two phenomena: the first is the difficulty of disposing of their circulation outside the laws of supply and demand that create the currently free exchange rate due to deterrent legal controls and the second is a significant contraction of the money supply.” of liquid foreign currency, while it has stopped moving in the form of a cash hoarding that is immobile and outside the circle of supply.”
He continued, "This exacerbates exchange rate fluctuations under the influence of (a liquidity trap in foreign currency resulting from an expected positive wealth due to the rise in the value of foreign exchange against the local currency)."
He added, “Therefore, liberalizing the climate of dealing in foreign currency and giving it a white character will provide high flexibility in supply that contributes to reducing noise in the secondary exchange market, which provides a flexible supply of foreign exchange that leads to market stability, supported by a government policy that provides commodity supply through the official exchange rate.” Highly stable and financed at an exchange rate of 1,320 dinars per dollar.
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Thursday, that the decision to circularize the Central Bank today regarding trading the dollar from outside the platform according to supply and demand, will provide high flexibility in supply that contributes to market stability.
Saleh told the official news agency, followed by Mawazine News, that “liberalizing foreign exchange buying and selling operations is not an alternative to the policy of defending price stability and the government’s plan to interfere in the stability of the general level of prices.”
The Central Bank of Iraq had issued circulars to the licensed banks regarding their share and the sale of the dollar to citizens at the official price yesterday, Wednesday, as it confirmed that its circulars, No. 463/3/9, on 8/17/2023, paragraph (first), thereof, stated that the official price for selling the cash dollar to... The final beneficiary, the citizen, who amounts to (1,320) dinars/dollars, will go to the cash share received by the banks and exchange companies and mediate in buying and selling foreign currency directly from this bank/buying and selling window of foreign currency. It must be adhered to and sold according to the instructions communicated to you. Otherwise, the price is subject to the forces of supply. And market demand.
The advisor to the Prime Minister added, “Families, natural and legal persons in Iraq are hoarding amounts of cash in foreign currency and outside the banking system amounting to billions of dollars and are subject to two phenomena: the first is the difficulty of disposing of their circulation outside the laws of supply and demand that create the currently free exchange rate due to deterrent legal controls and the second is a significant contraction of the money supply.” of liquid foreign currency, while it has stopped moving in the form of a cash hoarding that is immobile and outside the circle of supply.”
He continued, "This exacerbates exchange rate fluctuations under the influence of (a liquidity trap in foreign currency resulting from an expected positive wealth due to the rise in the value of foreign exchange against the local currency)."
He added, “Therefore, liberalizing the climate of dealing in foreign currency and giving it a white character will provide high flexibility in supply that contributes to reducing noise in the secondary exchange market, which provides a flexible supply of foreign exchange that leads to market stability, supported by a government policy that provides commodity supply through the official exchange rate.” Highly stable and financed at an exchange rate of 1,320 dinars per dollar.
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