Advisor to the Prime Minister, Mazhar Mohammed Saleh, confirmed today, Wednesday, that tightening control over suspicious financial transfers reduces manipulation of exchange rates and stabilizes the national currency .
The official media quoted Saleh in a statement followed by “Mil”, saying that “the Prime Minister’s directives to the monetary and financial authorities stressed the intensification of inspection and control procedures on financial transfers and monitoring speculators, which remains of great importance in enhancing the stability of the currency and reducing speculation that is harmful to the national economy, through mechanisms leading to combating illegal speculative activities, including specifically: tightening control over suspicious financial transfers that conflict with the rules of compliance and transparency in a way that reduces illegal activities, such as money smuggling or manipulation of exchange rates, which maintains the stability of the value of the national currency .”
He explained that “taking strict measures against speculators and manipulators in the currency market strengthens confidence in the financial system and demonstrates the strength of government policy in protecting the national economy, and increases the confidence of citizens and investors in the country’s financial system, in addition to directing resources towards the real economy to invest in the available opportunities in it, whether industrial, agricultural or service,” noting that “by limiting speculation, the use of foreign currencies in unproductive operations is reduced, which helps to provide them to finance imports or beneficial investments .”
He pointed out that “the protective measures against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illegitimate gains, which enhances the stability of the local market .”
Saleh explained that “the importance of limiting speculation and speculators’ opportunities remains in enhancing the efficiency of the banking system through the role of monitoring financial transfers, which undoubtedly contributes to revealing the loopholes in the banking system and enhancing governance and transparency in it, as such measures are in line with the comprehensive reform plan for the financial and banking sector, and aim to enhance financial stability and prevent violations that negatively affect the national economy .”
