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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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    A government advisor explains the mechanism for selling the dollar outside the central bank platform

    Rocky
    Rocky
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    A government advisor explains the mechanism for selling the dollar outside the central bank platform Empty A government advisor explains the mechanism for selling the dollar outside the central bank platform

    Post by Rocky Fri 24 Nov 2023, 4:59 am

    [rtl]A government advisor explains the mechanism for selling the dollar outside the central bank platform[/rtl]

    Economy  ,  11/24/2023 08:53  Number of readings: 243 
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    [rtl]Baghdad - Iraq Today:

    The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the goal of the Central Bank’s circular today regarding trading the dollar from outside the platform according to supply and demand, indicating that it will provide high flexibility in supply that contributes to market stability.

    Saleh explained in a press statement, “Liberating the operations of buying and selling foreign exchange 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.”

    Saleh 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 the contraction of a large money supply from liquid foreign currency, which 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)."

    Saleh 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 price.” “For highly stable exchange and financed at an exchange rate of 1,320 dinars per dollar.”[/rtl]
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    [/rtl]

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