Al-Nusairi: Exchange rate fluctuation in parallel market ‘temporary’ and will fall soon

The advisor to the Association of Iraqi Private Banks, Samir Al-Nusiri, confirmed that the current rise in the dollar exchange rate in the parallel market is “temporary” due to speculators and other reasons, most notably the non-ent entry of some retailers to the electronic platform for external transfer and the non-compliance of some banking companies to the official rate prescribed for the Central Bank.

Al-Nusiri added in a televised interview that “the Central Bank is following up and monitoring in cooperation with the concerned government agencies, and will issue severe penalties in accordance with the law to those who prove their harm to the national economy and their insistence on dealing with the parallel price in any way.”

He explained, “The Central Bank is working to diagnose and study the reasons and obstacles of entering the electronic platform and try to make possible facilities and flexibility for the purpose of accelerating foreign transfers in banks, in the Central Bank and in international banking authorities related to ensuring the access of foreign currencies to the real and final beneficiary.”

Al-Nusiri urged all government agencies, wholesalers and businessmen to “treat locally in Iraqi dinars as strong and recover its purchasing power, in addition to representing a fundamental pillar of national sovereignty.”

Al-Nusiri concluded his speech by saying that “the Central Bank is constantly advertising the possibility of securing the dollar in the required quantities for all those who need it at the official price of 1320 dinars per 100 dollars from the only way, which is the electronic platform of the Central Bank.”