Al-Nasiri: The battle of exchange rate stability with speculators in the black market will end with the recovery of the dinar

[Laid Back]

“Through our accurate knowledge of the monetary position of the Central Bank and its rising foreign exchange reserves, and its balance exceeded $ 110 billion, which covers up to 118% of the exported local currency, 130 tons of gold, and what is available continuously and daily from dollar revenues from oil sales, in addition to its assets of the issued national currency and available in the coffers of the Central Bank, it made it in control of the implementation of its procedures to cover the demand for the dollar in the trading market and through its various official outlets," 

 

First comment about this was from the PM, talking about the reserves covering about 150% or 1.5 times of local currency.

 

The second comment about this was from Mohammed Saleh, talking about the reserves covering 130% or 1.3 times the local currency.

 

The third comment about this from Samir Al-Nasiri, talking about about the reserves covering 118% or 1.18 times the local currency.

 

We are not getting the real numbers. Why? Think about it.!

 

Go CBI

Go new monetary policy 

Go Stronger Dinar $1+

[6ly410]

 

Al-Nasiri: The battle of exchange rate stability with speculators in the black market will end with the recovery of the dinar

Economic News Agency - Al-Nasiri: The battle for the stability of the exchange rate with speculators in the black market will end with the recovery of the dinar (economy-news.net)

 

---

Economy News _ Baghdad

The advisor to the Association of Iraqi Private Banks, Samir Al-Nasiri, on Monday, that the battle led by the government and the Central Bank with speculators to control the stability of the exchange rate of the dinar against the dollar in the black market will end with the recovery of the dinar gradually and that the rise in the exchange rate is temporary, and will inevitably decrease due to the target rate of the Central Bank in Iraq, because the dollar that is traded if it is not sourced by the Central Bank, its source is illegal and is held accountable by Iraqi law for its negative effects on the economy National.

Al-Nasiri said in an interview with "Al-Eqtesad News" that "one of the most prominent reasons for the rise in the dollar is the news of depriving 14 banks from dealing in the US dollar and the large speculators of withdrawing the dollar cash and manipulating unauthorized banks with exchange rates. In addition, some small retailers do not have access to the electronic platform for external transfer."

He added that "some media outlets and analysts have exacerbated the confusion of the market by amplifying unreal and incomplete data and information, as well as websites and groups that announce daily the exchange rate in the black market despite the warnings of the Central Bank and its clarification in its statements issued successively that the offer of foreign currency is available for all applications submitted to the electronic platform by companies, traders and businessmen and that the platform is the only approved system for external transfer, which achieves the real guarantee of the safety of foreign financial transactions in accordance with international standards, which guarantees access to Remittances to the ultimate beneficiary.

Al-Nasiri pointed out that "the Central Bank follows up and monitors the markets in cooperation with the concerned government agencies and takes urgent measures to address the situation and stop all counter-actions that harm the national economy," especially reducing illegal trade through informal outlets.

He added that "the Central Bank is working to diagnose and study the causes and obstacles to access the electronic platform, delay some transfers, develop procedures that facilitate traders to conduct their business smoothly and easily, and take possible flexibility to speed up foreign transfers in banks, the Central Bank and in the relevant international banking bodies.

Al-Nasiri noted that "the measures will inevitably result in the decline in the exchange rate on the black market for the illegal dollar, and that the Central Bank is currently working on taking new mechanisms and work contexts to control monetary stability, and their results will appear soon. We urge all government agencies, wholesalers and businessmen to support the Iraqi dinar and deal with it in all local monetary activities and circulation as it is strong and covered by foreign cash reserves exceeding $ 113 billion and that its purchasing power is gradually recovering. It is also a fundamental pillar of national sovereignty."

Views 59

Added 2023/08/14 - 10:39 AM

[6ly410]

29 minutes ago, 6ly410 said:

that the battle led by the government and the Central Bank with speculators to control the stability of the exchange rate of the dinar against the dollar in the black market will end with the recovery of the dinar gradually and that the rise in the exchange rate is temporary, and will inevitably decrease due to the target rate of the Central Bank in Iraq,

 

[6ly410]

30 minutes ago, 6ly410 said:

Al-Nasiri noted that "the measures will inevitably result in the decline in the exchange rate on the black market for the illegal dollar, and that the Central Bank is currently working on taking new mechanisms and work contexts to control monetary stability, and their results will appear soon. We urge all government agencies, wholesalers and businessmen to support system" rel="">support the Iraqi dinar and deal with it in all local monetary activities and circulation as it is strong and covered by foreign cash reserves exceeding $ 113 billion and that its purchasing power is gradually recovering. It is also a fundamental pillar of national sovereignty."

 

[horsesoldier]

I guess it's important to talk this to death & beyond until we're all in a coma 

[gregp]

5 hours ago, 6ly410 said:

 

Thanks

[JonnyV]

4 hours ago, horsesoldier said:

I guess it's important to talk this to death & beyond until we're all in a coma 

 

It’s like beating a dead horse Iye Iye Iye mean a live horse.