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An Economist: The Continuation Of Currency Smuggling And The Return Of Bank Dominance Reflects Government Failure

Baghdad The specialist in economic affairs, Durgham Muhammad Ali, confirmed: “The government’s allegations related to the increase in the exchange rate of the dollar proved to be unsuccessful after five months of raising the exchange rate.”

Muhammad Ali said in a statement to the National Iraqi News Agency (NINA) that “the allegations of the Minister of Finance to justify this decision by stimulating development, preventing currency smuggling and curtailing the black market, destroyed the Iraqi market and reflected negatively, not positively.”

He pointed out that “any real measures to reduce poverty rates have not been followed. On the other hand, currency smuggling continues through the same banks,” noting: “The return of the black market and the increase in inflation and poverty to record rates is enough to dismiss any government in a real democratic system.”

Muhammad Ali stressed, “The failure of the policy of the Minister of Finance and the so-called white paper, which was warned that it failed from the beginning, but the government defended it under the pretext of supporting development, while the market downturn led to the loss of tens of thousands of job opportunities,” calling on the government to be frank with the people about the failure of its white paper and its inability to curb corruption mafias in the currency smuggling auction.

Source: National Iraqi News Agency