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

On Tuesday, the economic expert, Omar Al-Halbousi, described the decision to reduce dollar sales by the Central Bank to exchange companies as “disastrous,” and has negative repercussions on the exchange rate, stressing that the Central Bank’s unfair decisions and procedures will exacerbate the dollar problem.

Al-Halbousi told “ Jarida ”, “The process of reducing dollar sales by the Central Bank to exchange companies is a disastrous decision par excellence, which is leasing the dollar and monopolizing it to the banks that have delved into smuggling the dollar externally, or selling it on the black market, which the Sudanese recognized today.”

He added, “Also, the reduction in exchange companies’ sales of the dollar has negative repercussions on the exchange rate, which led to an increase in the exchange rate due to the limited supply of dollars in the exchange companies that the Iraqi citizen deals with to a greater extent than the banks monopolized by the few who did not adhere to the instructions of the Central Bank.” Rather, they are still violating these instructions and defrauding the American sanctions, which will expose Iraq to new sanctions on the banks, and a high possibility of imposing guardianship on the central bank, which colluded with the banks and did not implement the procedures fairly.”

Al-Halbousi continued, “The Central Bank’s decisions and unfair procedures and its fight against some exchange companies that are not affiliated with party bodies will exacerbate the problem of the exchange rate, and this measure is deliberate with the aim of continuing to increase the gap between the real exchange rate and the black market exchange rate, which brings huge profits to the monopolists.” The banks that control the black market and speculate with the currency in exchange for maximizing their profits at the expense of harming Iraq and its people.”

The economic expert stressed, “This proves that the Central Bank has become a tool for speculators to manipulate its decisions and procedures in order to achieve their personal interests and the interests of certain countries at the expense of harming Iraq, its people, and the exchange companies that are committed to the instructions of the Central Bank.”