دَوْرُ الْبَنْكِ الْمـَرْكَزِيِّ فِي السَّـيْطَرَةِ عَلَى أسْـعَارِ الصّــَرْفِ “دراسةٌ مقارنةٌ”

The role of The Central Bank in controlling Exchange Rates (A Comparative Study)

abstract
The Central Bank was not an ordinary institution, dealt with intellectually, legally and economically within a single approach. It combines in its characteristics public and private law and economics, in addition to various other branches of science. Its organic, functional and objective entity requires its law to be constantly updated in line with the rapid development in financial operations, whether international or domestic, whether traditional or electronic. Because the independence of the Central Bank is linked to the philosophy of economics and law, the role of the Central Bank was examined, and even its roles in the various fields in which it controls the exchange rate. The role was examined in the mechanisms and methods of controlling the exchange rate, specifically in monetary policy. The obstacles to this legal role were also pointed out by examining this role outside the legislative effect. The reference of the reference bank and its philosophy were also examined, meaning entering into the details of the reference of this bank and considering its legal nature as part of this reference. As for foreign currency sales operations, which are the main focus of the bank’s work, they were examined starting from the concept of sale in general and the types of sales at the Central Bank. Rather, the methods of this sale in its various types were addressed, with emphasis on the mechanisms The sale, whether through a currency sale window, an electronic platform, or an interbank, is aimed at identifying the parties to the sale contract, primarily the Central Bank, and the banking system in general. To complete the research, we address exchange control, which includes oversight of the banking system as a whole. This oversight has been gradual or varied, ranging from legislative, parliamentary, or international, to shed light on the determinants that guide the Central Bank in controlling its procedures and monetary policy. We focus on the oversight exercised by the Financial Supervision Bureau or its equivalent in comparative law, clarifying the measures taken against those who violate the rules governing currency sales and the resulting financial and administrative penalties. We also identify the judicial appeals bodies against the Central Bank’s decisions, to draw a comprehensive picture of its role in controlling the exchange rate.