Individual from the Parliamentary Money Advisory group Hussein Mounes uncovered today, Sunday, the purposes behind the Middle Easterner or unfamiliar banks’ obtaining of the cash closeout in Iraq, demonstrating that Iraqi banks are not qualified because of their feeble arrangement and the National Bank neglected to raise the characterization of Iraqi banks that have transformed into shops.
He added, “Iraq sells more than $200 million daily and the exchange rate is still high due to the low supply,” noting that “when Iraqi banks were banned from the dollar auction, the supply of dollars became limited in Arab and foreign banks, and unavailable in Iraqi banks, which caused a shortage of dollars compared to demand.” “The entry of foreign banks into the currency auction and the deprivation of Iraqi banks is a real indicator of the failure of the Central Bank in the financial management of the country
“This is a test for the Central Bank to expand the supply base, but so far there are no sufficient measures,” Mounes thought. We have seen no real reduction in exchange rates despite the Central Bank’s six reform packages.
He emphasized, “We have repeatedly asked the Governor of the Central Bank to solve the problems of Iraqi banks and raise their classification or to partner with Arab banks operating in Iraq to raise their classification, but we have not seen any seriousness in that.” He elaborated, “The Jordan National Bank is the largest holder of the currency auction, but the Central Bank must have a clear imprint in the currency auction, strengthen the Iraqi dinar, and raise the classification of our Iraqi banks that have turned into shops.” The bank should try to raise the characterization of neighborhood banks and acquire journalist banks and accordingly enter the money closeout.”
As part of the outcomes of the meetings that the Central Bank delegation held in New York, the Central Bank of Iraq announced the approval of 13 Iraqi banks to participate in the currency auction the day before.
The quantity of banks entering the cash sell off at present stands at 15 banks, carrying the quantity of banks to 18.
