On Tuesday, economic expert Omar Al-Halbousi described the Central Bank’s decision to reduce dollar sales to exchange companies as “disastrous,” with negative ramifications for the exchange rate, emphasizing that the Central Bank’s unfair decisions and procedures will exacerbate the dollar problem.
Al-Halbousi stated to “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 continued, “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 continue to violate these orders and swindle American sanctions, exposing Iraq to fresh sanctions on the banks and a high probability of imposing guardianship on the central bank, which collaborated with the banks and did not conduct the processes properly.”
According to Al-Halbousi, “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.” Banks that dominate the black market and speculate with cash in order to maximize profits at the expense of Iraq and its people.”
According to the economist, “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.”