A “major demonstration” followed by a comprehensive strike… exchange companies rise up against the Central Bank

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iraq news

Exchange companies in Iraq have announced their intention to hold a “major demonstration” next Thursday, followed by a comprehensive strike across all governorates. The purpose of the protest is to express disagreement with the Central Bank’s decisions and present a package of demands that can stabilize the local market and support the private sector.
In a statement released through “Jarida”, exchange companies have declared their intention to stage protests, starting with a major demonstration on Thursday, October 5th, followed by a comprehensive general strike in all governorates. The companies aim to halt the activities of all businesses and exit the currency auction window in protest against the Central Bank’s confusing decisions, hostile and retaliatory practices, and illegal penalties and deprivations that have affected over 1,000 companies. These factors have contributed to the rise in the dollar exchange rate, causing severe damage to the private sector. Exchange companies, who are considered vital to the economy, have a significant role in sustaining its activity, with around 2,000 companies and over 10,000 employees.
The exchange companies have announced that the Central Bank has issued a set of demands aimed at stabilizing the local market and supporting the private sector. The most significant of these demands include::
1- Financial institutions can develop their work and continue activities if the Central Bank exercises its evaluative supervisory role instead of implementing arbitrary measures, revenge policies, and sanctions.
2- Before issuing penalties and deprivation letters, the company will inquire and clarify the legal context that was previously in effect.
3-Companies will no longer suffer from arbitrary dealings and injustice. Clear and binding schedules will be issued, indicating each violation and its corresponding punishment.
4- Companies will receive their previous cash shares to cover expenses and meet traveler needs.
5-Resolving late transactions promptly and addressing any penalties that may arise.
6- It is essential to remove corrupt individuals from the Central Bank and replace them urgently to prevent harm to the institution and the Iraqi state.

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