An economist criticizes the central bank for dealing with the dollar crisis in “traditional ways”

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An economist criticizes the central bank for dealing with the dollar crisis in “traditional ways”

Nabil Al-Ali, an economic analyst, blamed the Central Bank of Iraq on Monday for the dollar’s continuous appreciation.

The Central Bank should “realize the direction of foreign trade in dealing with foreign currencies and create special banks in this regard,” Al-Ali said, adding, “The Central Bank is still dealing with the crisis in traditional ways in light of an unconventional crisis.”

He said, “The Central Bank’s adherence to dealing with the unconventional crisis in traditional ways by following up and prosecuting merchants only did not bear fruit for the measures taken to reduce the exchange rate of the dollar against the Iraqi dinar.”

“It was a brilliant solution to confront the exchange rate crisis to introduce a procedure for dealing with foreign trade in foreign currencies, but the Central Bank did not take this procedure seriously,” he went on.
“Recognizing the direction of foreign trade in dealing with foreign currencies and creating special banks in this regard,” he said, was crucial.