“Stop the dollar chaos.” A central bank official reveals a “surprise” about the arrest of traders
“Stop the dollar chaos.” A central bank official reveals a “surprise” about the arrest of traders
11-29-2023
An official in the Central Bank of Iraq made a surprise about the arrests of dollar exchange traders and the closure of banking companies, and said that they were taking place “in contravention of instructions and controls and were not taking place in the presence of a representative of the bank.” While he described what is happening now on the stock exchange as “chaos,” he said that there is no longer any There is justification for prosecuting these people after a decision was issued allowing them to sell the dollar at the parallel price.
Despite this, an Iraqi security official defended the arrests and said that they were carried out under “prior” judicial orders and in coordination with the relevant authorities, noting that the confiscated funds go to the Ministry of Finance, and so far are estimated at millions of dollars.
The representative of the Association of Exchange Companies, Dhia Al-Taie, had previously confirmed that the continued exposure of companies to “repeated insults” would lead to a mass exodus of capital from Iraq, stressing that the work of these companies had completely stopped.
What is happening now in the stock market is a huge chaos due to non-compliance with the instructions of the Central Bank.
Any arrest or closure of an exchange office must be carried out in the presence of a representative of the Central Bank of Iraq.
Most arrests are carried out by a security apparatus that does not implement the Central Bank’s controls, under the pretext that it has clear orders and instructions from the security services.
When we agree with the security authorities on a specific procedure related to regulating the currency market, we later discover that they do not adhere to it.
The arrests are unjustified, especially after the recent Central Bank decision, which allowed exchange companies to sell the dollar at the parallel market price, with the exception of amounts received through the official currency auction.
“More than 25 dollar speculators.” A total of arrests carried out by the Ministry of Interior within a month
Arrests are legal and carried out by judicial orders, and there is coordination between all concerned parties, in accordance with previous meetings and official instructions.
The confiscated funds go to the Ministry of Finance as the body that manages state funds.
The current instructions indicate that selling at the unofficial price is against the law.
A large number of people have been arrested for periods ranging from 90 to 100 days, while the amounts confiscated are estimated at millions of dollars.
Security authorities implement judicial orders and do not act on their own discretion.
964media.com
