Economist: The Central Bank exacerbated the dollar problem with a “disastrous” decision

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iraq news

On Tuesday, the economic expert Omar Al-Halbousi criticized the Central Bank’s decision to reduce dollar sales to exchange companies, describing it as “disastrous” and warning of negative impacts on the exchange rate. He stressed that the Central Bank’s unfair decisions and procedures will only make the dollar problem worse..
In an interview with “Jarida,” Al-Halbousi expressed his concerns about the Central Bank’s decision to limit dollar sales to exchange companies. He called it a disastrous move that would only benefit banks that engage in illegal activities such as smuggling and selling on the black market, as reported in Sudan.
He explained that the reduced sales of the dollar by exchange companies have negative effects on the exchange rate. This is because there is limited supply of dollars in these companies, which are more frequently used by Iraqi citizens than the banks. This scarcity has resulted in an increase in the exchange rate. Unfortunately, some banks have not followed the Central Bank’s instructions and are violating American sanctions. This could lead to new sanctions on the banks and a possibility of imposing guardianship on the central bank. It is important for all banks to follow the procedures fairly and avoid collusion.
According to Al-Halbousi, the actions of the Central Bank, including their unfair procedures and targeting of non-affiliated exchange companies, will worsen the exchange rate issue. He believes that this is a deliberate attempt to widen the gap between the real exchange rate and the black market rate, which benefits monopolists who control the black market and make profits at the expense of the Iraqi people. These actions are harmful to Iraq and its citizens.
According to the economic expert, it is evident that the Central Bank is being used by speculators to advance their own agenda and that of certain countries. This is being done at the expense of Iraq, its people, and the exchange companies that follow the Central Bank’s instructions diligently.

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