Additional control over cash sales after controlling foreign transfers.. The Central Bank may “dry up the dollar” from the parallel market completely
Additional control over cash sales after controlling foreign transfers.. The Central Bank may “dry up the dollar” from the parallel market completely
2023-01-29
Yes Iraq: Baghdad
It seems that all the measures taken by the US Federal Reserve and the Central Bank are still “insufficient” to control the smuggling of dollars outside Iraq and its arrival in neighboring or regional countries.
And with the tightening of procedures and the application of the electronic platform to finance imports outside Iraq using the dollar, merchants, banks and “suspicious” personalities began to put pressure on the parallel market to buy dollars at any price, which caused high demand and thus an increase in dollar prices in the parallel market.
Throughout this circular episode, the central bank and other banks did not provide solutions other than pumping more dollars through cash sales for the purpose of travel, treatment, and others, at a time when procedures and control over sales of foreign remittances were tightened, which led for the first time in the history of the central bank to reach cash sales Most of the foreign import sales.
And while sales of foreign remittances and imports were about $200 million per day before the application of the electronic platform last November, in addition to $50 million for cash sales, sales of foreign remittances decreased at less than $40 million, which means that the percentage of sales of foreign remittances decreased by 80%.
On the other hand, cash sales continued at their level according to the known demand of $40 million per day as a daily average, and with the continued pumping of this rate of cash sales, which may eventually reach the parallel market, talk began about the existence of smuggling operations by bags and cars, with the continuation of buying dollar from the parallel market.
From here, it seems that the Central Bank is trying to “dry” the parallel market of dollars, to control smuggling operations through wheels and bags, in a second phase after smuggling through remittances was stopped.
As the information indicates that the Central Bank will reduce cash sales and transfer them to an electronic platform similar to sales of foreign remittances.
And economist Nabil Al-Marsoumi says, “It is expected that the cash quotas for banks and money changers will be released through the electronic platform in the Central Bank of Iraq only, which means stopping cash sales directly, and based on the disclosure of the platform, ten thousand dollars will be sold to a person, and it is also expected that the central bank will pressure to prevent remittance financing.” cash through cashiers.”
This measure would reduce the dollar in the parallel market, and prevent any attempts to buy the dollar by the “suspicious demand” and finance only the clear and official demand, which will lead to an increase in the demand for the dollar in the parallel market, which will not be found, which means that the price of the dollar will rise to greater levels, but it is in The end will be high for those with “suspicious demand” only, and as for those who have their legitimate and official requests, there are channels to obtain the dollar at its official price.
yesiraq.com
