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Financial and banking expert, Mustafa Hantoush, stressed on Monday the necessity of taking a set of measures to reduce the parallel price and facilitate the solution of the parallel market, otherwise the exchange rate will continue to rise.
Hantoush told Jarida, “The exchange rate is a complex equation that needs to dismantle the parallel market. There is talk about the existence of the platform, but "" it has not received the approval of the US Federal Reserve""" and this issue is directly related to the decline in the exchange rate.”
He stressed the importance of “solving the orphans,” and that the government has solved one “item,” which is the cigarette orphan, as the tax and customs were 120 percent in Baghdad and through Kurdistan 30 percent, and it became 30 percent, which contributed to the decrease, but there are “orphans” for detergents. 65 percent, 5 percent via Kurdistan, 200 percent alcohol, and 15 percent via Kurdistan.”
He continued, “There are also arbitrary procedures for gold that take months by the Department of Standardization and Quality Control in Baghdad, while Kurdistan gives approval and inspection in one day, and although the transfer in the new platform has become easier, there is still complexity on the part of the Department of Standardization and Quality Control, so most traders Gold seek refuge in the Kurdistan region.
He added, “(TBI) failed to open accounts for small merchants, so these merchants do not have a chamber of commerce like companies, which is forced to trade through the parallel market.”
He explained, “There are many travelers to Iran and Syria, and they do not take millions. As for travelers to non-sanctioned countries, they face long queues for reservations through the Central Bank.”
He stressed, “Dismantling these matters leads to a decrease in the parallel price, otherwise it will continue to rise, and the more serious the state is in dismantling these (orphans), the easier it will be to dissolve the parallel market.”
He added, “Also, the police situation must disappear, including arrests and other things that caused a trading crisis, and this situation is not correct from the financial and banking aspects, so it must disappear and the market must return to its stability and reassurance for the banking and banking companies.
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The CBI has not been received the approval for the exchange rate from the US Federal Reserve? Is that why the banks are closed tomorrow? The Ministry of Finance website was down yesterday for some significant amount of time. The Central Bank's site was as well. Things to think about. ~ MM
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