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Showing results for tags '“implementation of the swift system”'.
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High prices between the “fabricated crisis” and the “implementation of the Swift system” Iraq 2023/01/16 Baghdad: Haider Al-Jaber The Iraqis bid farewell to the fixed exchange rate, which stopped at 1,120 dinars per US dollar, a price that had held for years, thanks to the currency sale auction supervised by the Central Bank, and a return to this price seems distant, and perhaps impossible. In late 2020, the Central Bank of Iraq decided He raised the exchange rate to 1,450 yen per US dollar, pledging in an official statement to maintain this rate for the coming years, which was confirmed by economic officials in the government, who announced that this rate would not change in the next five years. However, two months ago, the exchange rate of the dollar began to rise, until it reached a ceiling of 1,660 dinars per dollar, which led to confusion in the Iraqi market, which relies on imports for most of its goods, which cast a dark shadow over the lives of Iraqis. According to a previous statement by the government's financial advisor, Mazhar Muhammad Salih, the fundamental reason for this decline is an "external restriction," while a number of politicians declared that an "American conspiracy" is behind this rise to put pressure on the government. And while the Central Bank of Iraq provides the dollar at a fixed official rate, the prices of commodities and foodstuffs have risen to an unprecedented rate, which MP Hussein Arab attributed to a lack of supply and an increase in demand, due to the US Federal Reserve's restrictions on the movement of the dollar. Arabs told "Al-Sabah": "The rise in the exchange rate of the dollar is related to supply and demand, a regulatory issue, not a governmental one." . The representative, a businessman, continued, "The supply is less than the market's need, and the Central Bank window does not sell what merchants need to import," and indicated that "the US Federal Bank limited the volume of transfers, while the US Treasury set obstacles and demanded official lists of goods, which affected in the dollar exchange rate.” And international reports have talked about Iraq's compliance with some standards of the international transfer system (Swift), which imposed on Iraqi banks some conditions to access Iraq's dollar reserves in the United States. And for Iraq to be able to access these reserves, it must comply with a system that is committed to combating global money laundering, the provisions of combating terrorist financing, and those related to sanctions, such as those applied to Iran and Russia. Oday Al-Kaabi, fighting corruption files and fighting money laundering, calling on the government to support dealing in the Iraqi dinar, stressing that the price hike is a "fabricated crisis". Al-Kaabi told Al-Sabah: “The Central Bank sells the dollar at 1145 dinars, while it is sold in banking companies at a price between 1158-1160 dinars.” ", stressing that "the rise in prices is unreal because the government has met all the needs of the Iraqi merchant and travelers." He continued, "The rise is not real, so the government is trying to calm the exchange rates," and indicated that "whenever the government tries to calm the prices, merchants and money laundering mafias intervene, after blocking them from the window with legal obstacles proving the validity of their trade, so they turn to the parallel market," stressing, "whenever The government tried to inject quantities of dollars to be withdrawn from the market." Al-Kaabi pointed out that "these mafias have lived on the currency auction for years, financing their activities from drugs, oil theft, fake projects, border crossings and fake employees," warning that "senior politicians receive this money and enter the auction to sell the currency to be smuggled out of the country," calling for Handling corruption files through the electronic platform that controls documentary credits. The economist also called for "stabilizing the window for selling the currency, and reducing sales to exchange companies even if this leads to an increase in the exchange rate because it will not affect the citizen, and for supporting the Iraqi dinar in financial transactions," and he indicated that "food prices reach the official dollar price because Import is done at this price. Edited by: Muhammad Al-Ansari
