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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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    Banks of "powerful politicians" affect exchange rates, Iraq faces "international pressure"

    Rocky
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    • Post n°1

    Banks of "powerful politicians" affect exchange rates, Iraq faces "international pressure" Empty Banks of "powerful politicians" affect exchange rates, Iraq faces "international pressure"

    Post by Rocky Mon 05 Aug 2024, 4:50 am

    Banks of "powerful politicians" affect exchange rates, Iraq faces "international pressure"
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    Baghdad Today - Baghdad
    Professor of International Economics, Nawar Al-Saadi, revealed today, Monday (August 5, 2024), that there are political motives behind the Central Bank’s ignoring of some decisions of Prime Minister Mohammed Shia Al-Sudani.
    Al-Saadi told Baghdad Today: “It seems that Prime Minister Mohammed Shia al-Sudani is facing great difficulties in enforcing his directives to the Central Bank, and these difficulties are evident in several aspects, including that the Central Bank is suffering from severe external pressures, especially from the US Federal Reserve, which imposes sanctions and places restrictions on financial transactions, which complicates the bank’s ability to implement effective monetary policies.”
    He explained that  "the Central Bank of Iraq faces a set of obstacles that directly affect its ability to implement the Prime Minister's directives. The first is the great international pressure coming from the US Federal Reserve, which imposes sanctions on some Iraqi banks and places strict restrictions on the movement of the dollar. These pressures make it difficult for the Central Bank to take effective steps to manage the exchange rate independently. The second is that the bank suffers from internal structural problems such as corruption and mismanagement, especially with regard to selling the dollar. These challenges make it difficult for the government to achieve its economic goals regarding the stability of the exchange rate, and increase the complexity of the Iraqi economic scene in general."
    Al-Saadi stressed that “these problems make it difficult to implement monetary policies effectively, as financial resources are used for illegal purposes or are wasted due to corruption. Third, the influence of some banks owned by parties with great political and security influence plays a role in complicating matters, and these banks may be resistant to the changes imposed by the Central Bank, which limits the bank’s ability to impose the measures required to achieve financial and monetary stability.”
    The professor of international economics continued, "There are political motives behind the Central Bank's disregard for some of Al-Sudani's decisions, and given the overlap between politics and economics in Iraq, this situation has become a syndrome in the Iraqi regime from after 2003 until now, as there is an influence from political interests that play a role in determining economic policies."
    Al-Saadi concluded by saying, “The impact of these political interests may lead to a conflict between the government’s objectives in stabilizing the exchange rate and the executive decisions of the Central Bank. This overlap may contribute to exacerbating economic crises and increase the complexity of the government’s efforts to achieve financial stability, which makes the situation more complicated and affects the results of the economic policies pursued by the government.”
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