An important economic recommendation for the Central Bank after it used exchange companies to sell dollars to travelers

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An important economic recommendation for the Central Bank after it used exchange companies to sell dollars to travelers
An important economic recommendation for the Central Bank after it used exchange companies to sell dollars to travelers

On Saturday, economist Omar Al-Halbousi recommended that the Central Bank choose reputable foreign exchange companies that comply with its regulations and procedures to sell dollars to travelers at airports.

In an interview with “Jarida”, Al-Halbousi stated that exchange companies have a stronger connection with the public as they are the fastest and most efficient way to conduct business. He further added that the Central Bank’s use of police tactics to combat and restrict these companies has worsened the exchange rate crisis and demonstrated that they were not responsible for the dollar leak.

Despite implementing several measures to prevent it, the US dollar continued to flow into Iraq’s black market and out of the country. The Central Bank’s decision to side with the problem and rely on exchange companies only added to the problem, widening the gap between the official and black market exchange rates. During a conversation, he emphasized the evidence supporting this claim.

According to him, the Central Bank of Iraq’s recent request for exchange companies to open branches at airports to sell dollars to travelers is contradictory to its past efforts to combat them. This has caused the bank to seek their assistance once again in selling dollars.

He stated that they are hoping that wise companies, which are committed to the decisions and procedures of the Central Bank and avoid any favoritism, will be chosen. He also added that private banks have contributed to complicating the exchange rate problem and embarrassing Iraq before the US Treasury Department due to favoritism.

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