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

Iraqi exchange companies have announced their readiness to stage a “major demonstration” on Thursday, followed by a comprehensive strike across all governorates. The protest is against the decisions of the Central Bank and aims to demand the bank to address a package of demands that would stabilize the local market and support the private sector. The exchange companies hope that the protest will contribute to the overall stability of the economy.

The exchange companies have released a statement through “Jarida” announcing their intention to protest against the Central Bank’s confusing decisions, hostile and retaliatory practices, and illegal penalties. The protests will begin with a major demonstration on Thursday, October 5, followed by a comprehensive general strike across all governorates, which will stop the activities of all companies and officially exit the currency auction window. The exchange companies feel that these decisions have affected over 1,000 companies, causing the dollar exchange rate to rise and resulting in severe damage to the private sector. The exchange companies are one of the most important pillars of the private sector, with over 2,000 companies and 10,000 employees. They play a prominent role in the Iraqi economy and its sustainability.

The exchange companies announced that the Central Bank issued a set of demands aimed at stabilizing the local market and supporting the private sector. Some of the most notable demands include:

1- Financial institutions can continue their work by stopping arbitrary measures, revenge policies, and sanctions, and by allowing the Central Bank to exercise its evaluative supervisory role over its departments.
2- Before issuing penalties and deprivation letters, legal contexts must be re-introduced by clarifying with the company.
3- Clear and binding schedules should be issued, indicating every violation and its corresponding punishment, to put an end to arbitrary dealings and injustice against companies.
4- Companies’ previous cash shares will be returned to meet traveler needs and cover expenses.
5-Resolving late transactions promptly as soon as penalties are imposed.
6- It is crucial to remove corrupt elements from the Central Bank’s departments and to swiftly replace those who seek to harm the institution and the Iraqi state.