An economist determines the reason for the rise in the dollar again: bank sales and the parallel market

An economist determines the reason for the rise in the dollar again: bank sales and the parallel market

2023-05-21 03:30

An economist determines the reason for the rise in the dollar again - bank sales and the parallel marketShafaq News/ The economic expert, Abd al-Rahman al-Mashhadani, attributed on Sunday the reasons for the rise in dollar prices again to the sales of the Central Bank and the parallel market.

Al-Mashhadani said in an interview with Shafaq News agency; That “what the bank sells in dollars through the auction that it conducts daily for foreign transfers, which amount daily to more than 250 million dollars, is not audited, and it is possible that the bulk of it will be returned due to rejection, and therefore what the bank announces is not necessarily the final sales.”

He explained that what “the bank sells in terms of remittances was audited by the US Federal Bank before an agreement was reached with JP Morgan Bank to conduct the audit, which is also more accurate and more severe than the audit of the US Federal Bank, which needs time to be audited, in addition to the use of the Central Bank of China.” Who also applies instructions and compliance with extreme precision.

He added, “As long as the transfers need time to be checked and are not executed quickly, the merchant resorted to the parallel market to buy dollars, and thus the dollar rose again in the parallel market, and the costs of buying dollars from the parallel market are less than the costs of transfers that are sent by the central bank because it is the bank.” The broker will take a commission, and there is a commission for the Central Bank as well, in addition to the fact that when the merchant contracts to ship his goods, it will be delayed in the factory, and therefore it will cost him money because of the floor.

The price of the dollar rose against the Iraqi dinar on Sunday, reaching 145 thousand dinars compared to 100 dollars, after the dollar prices witnessed a decline during the past week.

shafaq.com