A “major demonstration” followed by a comprehensive strike… exchange companies rise up against the Central Bank

On Tuesday, Iraqi exchange companies confirmed their readiness to launch a “major demonstration” next Thursday, followed by a general strike in all governorates, in protest of the Central Bank’s decisions, announcing that the latter would hand over a package of demands that would contribute to the local market’s stability and support the private sector.

In a statement that was followed by “Jarida” to “announce their readiness to begin a wave of protests that will begin with a major demonstration next Thursday, October 5, followed by a comprehensive general strike in all governorates, stopping the activities of all companies, and officially exiting the currency auction window.” In protest of the Central Bank’s severe ambiguity in its decisions, hostile and retaliatory practices, and illegal penalties and deprivations that affected over 1,000 companies and contributed to the rise in the exchange rate of the dollar, causing severe damage to the private sector, of which exchange companies are considered one of its most important pillars, with a total of 2,000 companies.

“The Central Bank has given a package of requests that contribute to the stability of the local market and promote the private sector, the most significant of which are:

1- Put an end to all arbitrary measures, retributive policies, and punishments, and exercise the evaluative supervisory function of the Central Bank’s departments so that financial institutions can continue to expand their operations and activities.

2- Reintroducing previously in effect legal circumstances by asking and clarifying with the firm prior to issuing fines and deprivation letters.

3- Putting a stop to arbitrary transactions and injustices that have befallen businesses, as well as providing clear and binding schedules outlining each transgression and its consequence.

4- Returning earlier cash shares to the firms in order to satisfy the demands of passengers and cover the costs of continuing their operation.

5- Finishing late transactions and resolving them as soon as penalties are imposed.

6- Uprooting corrupt elements embedded in Central Bank divisions and urgently rotating corrupt elements that wish to harm this institution in particular and the Iraqi state in general.”