During “Flusna”, a television programme broadcasted on WTV channel and Tabadul Platform, the economic expert Abdul Hamid al-Fadhil stressed that what is happening with corruption, currency smuggling and fictitious containers is due to the huge gap between the official exchange rate –plus the purchase fees –, and the exchange rate in the black market.
“According to the indicators, letters of credit have doubled compared to 2019,” he said, expressing surprise that letters of credit have been opened to basic commodities such as foodstuff, medicine as well as inputs, concluding that the figures remain larger than the average of 2019.
“These failed measures are creating a suitable environment for corruption. In other words, the existence of a dual exchange rate with a difference of about 40 % is like trying to create more corruption opportunities.”
He also called upon the authorities to eliminate the gap between the exchange rate in the black market and the official exchange rate, stressing that companies are committed to opening letters of credit compared to 2019.