An Economist Warns Of The Control Of The Mafias Of Corruption On The Currency Market

Industry

Baghdad The expert in economic affairs, Safwan Qusay, stressed the need for the Central Bank to control all outlets of foreign currency transferred abroad or sold internally, warning against “the control of corruption mafias on the currency market.”

Qusay said in a statement to the National Iraqi News Agency / NINA /: “Foreign currency sales in the Central Bank of Iraq are facing fluctuations and declines as a result of the Central Bank of Iraq’s attempt to implement new instructions to control the currency sale window and track the movement of funds and the mechanism used to enter goods and services and include them in taxes and customs.”

He pointed out: “These measures will transfer the demand for foreign currency to the parallel market in the short-term period, since there are goods flowing into the Iraqi market from unofficial outlets, and their owners obtain the Iraqi dinar and try to get it out in various ways, including inflating the price of imported goods from abroad.”

He added: “If the Central Bank of Iraq’s attempt to track the movement of dollar funds out of Iraqi banks abroad succeeds, and then control the import outlets from solid origins, irregular traders will gradually turn to the regular market to obtain foreign currency through official methods, and we may witness an increase in the price of the dollar in the parallel market, unless the central bank continues to sell the dollar in cash and more than the market needs to maintain the parallel price.

The economic expert stressed the need to control all outlets of foreign currency transferred abroad or sold internally, because financial and monetary reform must be comprehensive, and without that, the corruption mafias will continue to grow at the expense of the wealth of Iraqis.

 

Source: National Iraqi News Agency