A financial expert presents solutions to confront the crisis of the high exchange rate of the dollar against the dinar
A financial expert presents solutions to confront the crisis of the high exchange rate of the dollar against the dinar
12-26-2022
Information / Baghdad ..
Financial and economic expert Diaa Mohsen put forward, on Monday, a set of solutions for the government and the Central Bank to face the crisis of the continued high exchange rate of the dollar against the dinar, which has become a matter of concern to society.
Mohsen said in a statement to Al-Maalouma, “The problem of the continued high exchange rate of the dollar against the Iraqi dinar is not only related to transfers, nor to dealings between the US Federal Bank and the Central Bank of Iraq, where measures can be taken that enable the government and the central bank to preserve hard money and cut off smuggling and laundering.” funds.”
He added, “There is a study that proved that Iraq’s need for external imports from various economic and commercial activities represents half of what is being paid at the present time, and this shows us the amount of money that is smuggled abroad through private banks.”
Mohsen called on the government and the central bank to “follow some important solutions for the purpose of preserving state funds and neutralizing the high exchange rate of the dollar against the dinar, including not selling the dollar to exchange offices, as an amount of 340,000 dollars is sold daily at the central bank rate,” noting that “these offices will not By selling the dollar to the citizens, but using it for speculation and transferring it to private banks with good profits, and this is what makes the demand for the dollar increase, which leads to a rise in its exchange rate against the dinar, and accordingly the Central Bank and the Rasheed Bank can open departments to sell the dollar through their branches spread in Iraq and at the price specified by the Central Bank.
And he continued, “As for the most important thing, it is necessary to reopen the offices and branches of the Central Bank and Al-Rashid outside Iraq, as it was in the past, by transferring funds through those branches, and thus we will get rid of smuggling and money laundering operations carried out by private banks,” adding, “The other solution is the need to The Central Bank will reactivate the external transfer department and oblige merchants to open documentary credits and not deal with private banks.
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