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Next week.. A new mechanism for selling travelers' dollars
Economic 2024/07/11
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Baghdad: Morning
It is expected that the mechanism for selling dollars at airports will start next week according to the new instructions of the Central Bank, which coincided with the rise witnessed by the dollar in the parallel market at the expense of the dinar. In the midst of this, experts are calling on the Central Bank to take measures to stabilize exchange rates in local markets.
According to an informed source, government banks and some exchange companies are preparing to implement the instructions of the Central Bank of Iraq to sell dollars to travelers at the official exchange rate at airports, indicating that this step comes within the government's efforts to find solutions to the current dollar crisis.
The source indicated that the dollar will be delivered to travelers through the outlets of government banks located at the airports. He also noted that government banks are awaiting notification from the Central Bank of Iraq to obtain official approval to begin the process of selling the dollar and distributing it at the airports.
Ahmed Barihi, a member of the Board of Directors of the Central Bank of Iraq, believes that “the issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”
He added, "Another reason related to the rise in the dollar exchange rate is the connection to the electronic platform that controls the floating of the currency in the market, where it is less than demand, and thus the dollar price will be raised, and the platform is controlled by the US Federal Reserve, which causes a difference from the official price."
The exchange rate of the dollar against the dinar has recorded a noticeable increase in the stock exchange and exchange shops in the capital, Baghdad, and the governorates, during the past few days, as the price of 100 dollars exceeded the 151 thousand barrier.
As for the economic expert, Ahmed Al-Hedhal, he explained that “the problem of the high exchange rate of the dollar in Iraq is customs,” stressing the importance of “controlling the northern and southern borders.”
He pointed out the "need to control fictitious invoices and facilitate the task of small traders, and involve the Central Bank in auditing invoices from the borders," adding: "Electronic payment and forcing people to use it and to deal in the dinar have nothing to do with the rise of the dollar."
The economic expert said, “Electronic payment has become a tool that facilitates the process of reverse transfers and black transfers,” indicating that “what is happening are hasty decisions due to escaping from reality.”
In addition, economic researcher Jabbar Kuran believes that “the issue of the rise in the exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq.”
“The Central Bank of Iraq has taken some good measures in the past, but the rise that has occurred now is due to other measures that the Central Bank has not taken yet, including that the bank decided that foreign dealings are not limited to the US dollar only, but this measure has not been taken yet, as well as not linking all banks to the electronic platform and stopping work on it with the exception of only seven banks, which do not accommodate the foreign trade exchange process that reaches about $50 billion annually, and I do not expect those seven banks to accommodate this volume of exchange,” he added.
Commercial.
He pointed out that "another reason that led to the rise in the exchange rate of the dollar against the dinar is the reduction in the injection of cash by the Central Bank of Iraq, except for this day."
He explained that "the demand for the dollar these days is abnormal, and I do not see that opening a window to exchange dollars for travelers at airports is a reason for the rise in the dollar exchange rate, even though this time is the travel season."
He pointed out the "large number of exchange offices and companies in Iraq, and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 exchange companies in Iraq.
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