Monetary master Omar Al-Halbousi affirmed that the emergency of the dinar swapping scale against the US dollar is because of many variables.
Al-Halbousi said in a press proclamation: ” We confirm that the value of the dollar is stable, but the value of the Iraqi dinar fluctuates between rise and fall, and most of the time it is a fall. It is well known that the rise in the dollar exchange rate and the decline in the value of the Iraqi dinar have been ongoing for more than two years.
He proceeded, “The ascent and fall of the Iraqi dinar swapping scale against the dollar occasionally is because of a few reasons, including the continuation of exchange with the endorsed nations, which requires supporting from outside the stage by depending on the equal market, which is the genuine regulator of the conversion standard. As of recently, the National Bank has no power over it,” taking note of that “there are nations that live on the dollar in Iraq without any the job of the National Bank to direct the conversion scale and stop the cash dying, with the entrance of these nations through confidential banks that rule the money selling window.”
“Private banks also push for the exchange rate to remain high, because it benefits them,” he explained. They have taken advantage of the law that requires them to send money from abroad to individuals and businesses in dollars, pay their owners in Iraqi dinars at the official price, and then sell the dollars at the parallel market price, increasing their profits. As a result, they hinder the stability of the exchange rate and prevent the Iraqi dinar’s value from falling.
He made sense of that “settlements and the money deals window are cornered by a couple of banks that control the swapping scale and control it as they wish, which makes sense of their accomplishment of nonexistent benefits from dollar settlements, which has started to deplete Iraqi oil incomes that finance the window, realizing that the volume of everyday dollar deals is exceptionally dubious and goes against the volume of products entering, and that implies the kept carrying of dollars abroad, did by the banks controlling the window and settlements and with global plot,” noticing that “the American authorizations and the proceeded with danger of them are one more justification behind the proceeded with decrease in the worth of the Iraqi dinar against the dollar with the powerlessness of the National Bank to tackle the issue of authorizations with the American side, as well as the failure to control crafted by banks and control their false work that has caused Iraq issues with the Americans, considering the kept pirating of dollars in different ways rehearsed by banks claimed by outside nations.”
The monetary master brought up that “the public authority is as yet relying on the National Bank and its administration to control the conversion scale, which the National Bank has not prevailed in, yet rather has bombed in the entirety of its means with the egotism of private banks and their command over the National Keep money with outer help, notwithstanding the impact of these banks inside the National Bank, and that intends that as of recently it has not tracked down an answer for stop the decrease in the worth of the Iraqi dinar against the dollar, which will lead us into serious issues before very long, particularly on the off chance that new American authorizations are forced on Iraq, notwithstanding the ascent in the international clash in the district that raises some questions about Iraq in a complex way.”