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Neno's Place Established in 2006 as a Community of Reality


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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Expert: Traders’ dealings with sanctioned markets trigger demand for dollars on the black market

    Rocky
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    Posts : 281723
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    • Post n°1

    Expert: Traders’ dealings with sanctioned markets trigger demand for dollars on the black market Empty Expert: Traders’ dealings with sanctioned markets trigger demand for dollars on the black market

    Post by Rocky Wed Nov 13, 2024 6:19 am

    Posted on[You must be registered and logged in to see this link.] by [You must be registered and logged in to see this link.]

    [size=52]Expert: Traders’ dealings with sanctioned markets trigger demand for dollars on the black market[/size]

    [size=45]Economic expert Safwan Qusay confirmed that the dealings of some Iraqi traders with markets subject to international sanctions contributed significantly to increasing the demand for the US dollar in the informal market inside Iraq.[/size]
    [size=45]Qusay explained that this trend comes as a result of some traders resorting to alternative methods to obtain foreign currency away from official channels, which led to an increase in demand for the dollar in the black markets, as traders resort to this market to avoid restrictions imposed on external financial transfers.[/size]
    [size=45]He pointed out that this phenomenon causes additional pressure on the stability of the exchange rate and leads to high inflation, which negatively affects the purchasing power of the Iraqi citizen and affects the stability of the local economy.[/size]
    [size=45]Qusay said, “Controlling the dollar exchange rate is the responsibility of the Central Bank of Iraq,” noting that “the Central Bank provides the dollar at the official price to all remittances and external financial credits, provided that this request is legitimate.”[/size]
    [size=45]He added, "There is still room to attract legitimate requests from within the informal market to the platform or international correspondent banks directly."[/size]
    [size=45]He continued, saying, “Iraq’s consumption of goods must be determined, and it is possible to know the goods that are consumed domestically but do not enter the platform in order to organize import licenses in a way that does not allow the request for dollars from the informal market.”[/size]
    [size=45]He pointed out that "the Ministry of Finance pledged to control the border crossings and not allow the entry of goods outside the framework of the crossings, in addition to the rest of the ministries that pledged to increase the capacity of local production in order to reduce import operations."[/size]
    [size=45]He pointed out that "the exchange rate requires cooperation between the financial, monetary and production authorities in order to be able to control it in local markets," noting that "the dealings of some Iraqi traders with the sanctioned markets contributed to increasing the demand for the dollar in the informal market."[/size]
    [size=45][You must be registered and logged in to see this link.]
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