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Read the latest Central Bank circular: Has dollar trading become available to everyone?
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Baghdad today - Baghdad
The Central Bank of Iraq’s statement yesterday, Wednesday, that the dollar exchange rates are subject to “the forces of supply and demand in the market,” raised several questions from economists about the reasons that prompted the governor to issue a decision that only recently considered it an “economic crime” that would put the accused in prison under penalty of the Penal Code. Effective against speculators in exchange rates.
What economists have pointed out is that all the measures taken in cooperation with the American side for nearly two years have been put in vain by the return of the currency auction in a “parallel” manner, which is considered an implicit acknowledgment of the existence of a “parallel market” that imposes itself on the Iraqi economy and controls it, and there is no point in preventing it.
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.
Economist Nabil Al-Marsoumi commented on this step, sarcastically, “The militarization of the dollar has ended, after the Central Bank recognized the existence of the parallel market!!!”
On the other hand, economic experts described the Central Bank’s action by saying that the bank was finally convinced of the futility of preventing parallel markets, and allows the exchange of the dollar currency according to supply and demand,” considering that “this step is good and will enhance the stability of the markets.”
The matter led to the raising of several questions by observers about how the Central Bank will ensure that the dollar does not go to prohibited channels, and whether this means that the Central Bank will retreat from the step of preventing the delivery of dollar remittances to citizens, and whether dollar circulation will become available and not be pursued and anyone can Banking can sell the dollar to anyone willing to buy the dollar, as well as whether it will enhance the stability of the markets, especially since cash from the dollar will become available, which may lead to a balance of supply and demand and thus a decline in prices.
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