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KTFA
Clare » October 6th, 2023
The dollar ignites Baghdad.. A citizen threatens to burn a bank and exchange companies close Al-Rashid Street
10/6/2023
A video recording monitored by Jarida, today, Thursday, showed a citizen threatening to burn a bank because it refused to hand over his deposits in US dollars, which raised fears of a repeat of the Lebanese experience in Iraq.
According to the circulating video, the citizen wanted to withdraw money from his balance, which he deposited in one of the banks and his account in US dollars, but the Jordan National Bank refused to hand over his money except in dinars, and exclusively at the official rate.
For his part, MP Hussein Arab said in a blog post on the “X” platform (formerly Twitter) followed by “Jarida”: “The acquisition of money transfer amounts via the dollar electronic platform by a non-local private bank, whose value is estimated at 70% of Iraq’s transfers, is abnormal.” Disastrous, we will have a clear position on manipulating the fate of the country’s economy. We will not remain silent.”
In the same context, the economic expert, Nabil Al-Marsoumi, said in a blog post followed by “Jarida”, that “the citizen who puts his money in the bank in dollars must recover it when he wants dollars, but the citizen puts his money in dollars, and is forced to withdraw it in dinars and at the official rate, This is not a market economy, but a distorted state economy.”
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This incident coincided with the launch of a demonstration by owners of exchange companies in front of the Central Bank building to demand the dismissal of the corrupt people within the Central Bank.
A “ Jarida ” correspondent said, “The owners of exchange companies in Baghdad closed Al-Rashid Street in Baghdad, and stopped all daily deposits,” stressing that “these developments created a state of anxiety among people that prompted them to go to banks to withdraw their deposits.”
A member of the Parliamentary Finance Committee, Muhammad Nouri, was the first to reveal that “the Jordan National Bank has acquired a large percentage of dollar sales during the currency auction,” indicating that “what the Jordanian Bank sells in one day amounts to more than 200 million dollars in one day.” .
Nouri confirmed in a press statement followed by “Jarida” that “the control of a large group of non-Iraqi banks over the currency selling market is a dangerous precedent in the Iraqi economic market; Considering that Iraq has solid private banks that have the potential to operate according to international conditions and standards.”
He explained, “The facilities granted to foreign banks are the main reason for the rise of the dollar, given that no one can obtain what is offered in the market except this narrow group of banks and through agreements made in secret with the Central Bank,” noting that “there is a difference of 25 The number between the standard and real price of the dollar is a problem caused by the Central Bank and its routine procedures.” LINK
Warnings of economic disasters after the Central Bank’s decision to ban dealing in the dollar
10/6/2023
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Today, Thursday, the legal expert, Safaa Al-Shammari, criticized the Central Bank’s decisions to prevent dealing in dollars and prevent accounts for dollar rounds coming to citizens from abroad, and obliging them to receive them in Iraqi dinars and at the official exchange rate exclusively, stressing that these confusions may lead to economic disasters.
Al-Shammari said to “ Jarida ”, “Everyone is fully aware that any decision must be issued to meet people’s needs and organize their lives, and these decisions may be the result of a study and examination of those needs on the ground, or the result of events that require an urgent decision regarding which a decision will be issued, and there are “Unsuccessful decisions are issued by some sectors, sometimes in confusion or as a result of poor planning and management.”
He explained, “The Central Bank’s decisions to prevent dealing in dollars, prevent accounts for incoming dollar rounds to citizens from abroad, and oblige them to receive them in Iraqi dinars and at the exchange rate specified by it, are a blunder and a blunder.”
He added, asking, “How do we eliminate these confusions?” What are its causes? Why do we see the silence and lack of action of the responsible authorities that have anything to do with following up on those administrations headed by blunderers?”, indicating that “some decisions require the intervention of the primary official in that executive authority to eliminate this strange, strange confusion.”
He continued, “The greatest calamity is when they know that they have issued their confused decisions, and they do not completely retract them, just as they issued their decision completely, but rather evade in a very impudent manner,” stressing that “confusion and randomness in making decisions must have a negative impact, regardless of the size or extent.” That effect,” he concluded his speech by saying, “Confusions may lead to disasters. Is there anyone who can stop those confusions?” LINK
Source: Dinar Recaps
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