They stressed the need to encourage citizens to deposit their money in banks... Economists: Opening

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[size=52]They stressed the need to encourage citizens to deposit their money in banks... Economists: Opening trade in foreign currencies will reduce the demand for the dollar.[/size]

[size=45]They stressed the need to encourage citizens to deposit their money in banks... Economists to “Al-Zawraa”: Opening trade in foreign currencies will reduce the demand for the dollar
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Last updated 11/29/2023 - 5:14 AM
Al-Zawraa / Hussein Falih:
A number of specialists in economic affairs praised the steps The Central Bank diversified foreign currency baskets for the purpose of reducing the exchange rate of the dollar against the dinar. While they stressed that opening trade in foreign currencies reduces the demand for the dollar, they stressed the necessity of adopting a new culture to push citizens to deposit their money in banks.
Economist Bassem Antoine said in an interview with Al-Zawraa: The Central Bank’s steps to diversify the basket of foreign currencies in commercial exchanges will reduce the exchange rate of the dollar against the dinar. Pointing out: When the central bank adopts 4 to 5 other currencies competing with the dollar, the demand for the dollar will reduce.
He continued: Meaning that when you buy Chinese goods, the deal is in Chinese or Russian currency. You buy the goods in Russian rubles, and this will reduce demand because there is supply and demand, and therefore the dollar will decline. There are several methods used by the Central Bank that must work to reduce the value of the dollar and strengthen the Iraqi currency.
For his part, financial expert Abdul Rahman Al-Mashhadani said in an interview with Al-Zawraa: Banks and the central bank should adopt a culture that encourages individuals and gives them reassurance that when you deposit amounts in the bank, you can withdraw them at the appropriate time and be reassured that when the bank goes bankrupt, the money is there.
He stressed, “The banks and the central bank must start a new culture to attract money to deposit in the banks,” stressing the need for the central bank to be a guarantor for a month, meaning that if the bank goes bankrupt, the central bank is a guarantor that pays me a salary for a full month, and during this month I make transfers to any other bank. .
Earlier, the Parliamentary Finance Committee considered that diversifying the sources of foreign currency adoption in commercial transactions is the only way to address the problem of the increasing demand for the dollar, and to create a parallel market for selling hard currency.
The head of the committee, Atwan Al-Atwani, said in a statement received by Al-Zawraa: “The Central Bank’s response to our previous call regarding addressing the problem of the increasing demand for the dollar and creating a parallel market to sell hard currency has come a long way in the mission of restoring market stability.”
He added that the Central Bank, “by starting to open various windows to deal with other foreign currencies and adopting the (clearing) system in trade exchange with various countries, has come a long way in getting rid of the dominance of the (dollar) and strengthening the strength of the Iraqi dinar and entering the line of global commercial transactions.”
He stressed “the importance of this trend as an effective solution and a well-thought-out strategy to open new horizons that ensure the facilitation of commercial transactions procedures at various levels,” reiterating “full support for the steps of the Central Bank of Iraq.”
He stressed that the Iraqi Central Bank “is moving steadily towards developing real solutions to the crisis, while we look forward to other steps that will restore stability to the market and end the problem of exchange rate fluctuations and increasing demand for the dollar.”[/size]
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