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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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    Al-Nusairi identifies the causes of exchange rate fluctuations and recovery measures

    Rocky
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    rate - Al-Nusairi identifies the causes of exchange rate fluctuations and recovery measures Empty Al-Nusairi identifies the causes of exchange rate fluctuations and recovery measures

    Post by Rocky Sun 28 Jan 2024, 5:03 am

    Al-Nusairi identifies the causes of exchange rate fluctuations and recovery measures

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    Economy News _ Baghdad
    The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, identified the reasons for the fluctuation of the Iraqi dinar exchange rates against the dollar in the local market as a  lack of control over the regulation of trade financing internally and externally and the lack of a clear trade policy previously.
    Al-Nusairi attributed the continued rise of the dollar to several reasons, pointing out in a press interview that “the instability of the exchange rate of the dinar with its equivalent of the US dollar on the black market since January 2022 and its continued fluctuation up and down comes for several reasons, including the lack of control over... Regulating trade financing internally and externally, the lack of a clear trade policy, the intertwining of policies, and the lack of an annual import program for the private sector in quantities and amounts, but imports are open and without controls on external transfers.”
    He noted that among other reasons are “the lack of control over illicit imports and unofficial border crossings, in addition to the presence of about 1,200 unlicensed money exchange shops that deal in cash dollars and foreign transfers at the exchange rate on the black market, and about 12,000 outlets for disbursing the salaries of pensioners and social welfare workers that deal in its circulation.” at the black market exchange rate.
    Among the reasons also, according to Samir Al-Nusairi, is that “most of the merchants who obtain the US dollar at the official rate from the Central Bank, but sell their goods in the local market at the black market price, as well as the absence of global correspondent banks previously that deal with our banks and whose accounts were not opened in currencies.” Countries with which we have trade, such as China, India, Turkey and the Emirates.”
    The advisor to the Association of Private Banks pointed out that “merchants do not adhere to international banking standards that guarantee the arrival of the dollar to the final beneficiary or exporter of the goods. Therefore, dollar transfers are manipulated and reach countries sanctioned by the United States or besieged internationally. Therefore, the efforts of the Central Bank and the government in 2023 were focused on drawing up a strategy.” For banking financial reform for the purpose of controlling exchange rate stability.”
    "Among this strategy is organizing the financing of foreign trade, building new international understandings with international banks, and opening accounts for our banks in correspondent banks, as more than 40 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks. We expect that during the next two months, the number of Iraqi banks that have accounts will exceed There are 30 banks,” according to Samir Al-Nusairi.
    He noted, "opening up dealing with local currencies such as the Chinese yuan, the European euro, the UAE dirham, the Turkish lira, and the Indian rupee in foreign transfers with the aim of reducing the demand for the US dollar, in addition to allowing banks to import foreign exchange in dollars and other currencies from their balances in correspondent banks or abroad in accordance with specific controls." We will also take measures in cooperation between the Central Bank and the government to comprehensively expand the use of electronic payment and move to digital transformation and a cashless society in all fields.”
    He added that among the points of this strategy are "pressuring speculators dealing in the black dollar on the black market, limiting their activities that are harmful to the national economy, and continuing the flow of agreed-upon US dollar shipments to the central bank."
    The advisor to the Association of Private Banks saw that “the availability of foreign cash reserves exceeding $100 billion confirms that the Iraqi dinar will recover and that it is strong, as the local currency in circulation is covered by foreign cash reserves, in addition to other executive measures to support and stimulate the local product and control the monetary market and the commercial market.” This will control the exchange rate, as I expect, in the coming period.”



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    Added 01/28/2024 - 12:20 PM
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