All solutions are patchy.. An economist offers a single solution to stop the “bleeding” of the Iraqi dinar
All solutions are patchy.. An economist offers a single solution to stop the “bleeding” of the Iraqi dinar
1-21-2023
Information / Baghdad..
On Saturday, economist Nabil Al-Marsoumi suggested sending a senior Iraqi government delegation to the United States to stop the bleeding of the Iraqi dinar.
Al-Marsoumi said in a Facebook post seen by Al-Maalouma that “the only solution currently available to stop the deterioration of the exchange rate of the dinar against the dollar lies in the formation of a high-level government delegation headed by Al-Sudani or the Minister of Finance with the governor of the Central Bank of Iraq and traveling to Washington.”
He added, “The delegation has to discuss the possibility of postponing work on the electronic platform at the US Federal Bank for a period ranging from 6 months to a year, which prohibits 80% or more of daily dollar transfers to Iraq, which previously totaled more than 250 million dollars in Some days, due to reasons including insufficient information regarding the destination of these funds or due to other errors.
And he believed that “Iraqi banks need some time to adapt to the requirements and rules of compliance with the supervision imposed by the US Federal Bank,” noting that “other than that, other solutions appear to be patchy, including the cash sale to travelers, and even the idea of distributing part of the employees’ salaries in dollars will not affect the essence of the problem related By restricting bank transfers, meaning that the problem is not with cash dollars, but rather with import dollars or transfer dollars, which constitute about 60% of the central bank’s sales of US dollars.
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