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The Dinar Support Committee calls for concrete mechanisms regarding the exchange rate
Iraq 2023/06/26
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Rula Wathiq
The Higher Committee for Supporting the Iraqi Dinar intends to coordinate a meeting between Prime Minister Muhammad al-Sudani and some merchants to agree on setting concrete mechanisms that limit the problems of exchange rate fluctuations, the rule of the parallel exchange rate in the markets, and control of transactions in dollars
.
Committee member Omar Al-Sudani, Director of the Supervision and Follow-up Department at the Baghdad Chamber of Commerce, said in an interview with "Al-Sabah": "The committee, within its next plan, to diagnose errors and weaknesses that caused the rise in exchange rates in the parallel market, called for the necessity of supporting merchants and facilitating their affairs with regard to Taxes after the existence of many problems in this regard,” adding that “the committee supported merchants in the Baghdad Chamber of Commerce and the Registrar of Companies, and prepared simple companies to support medium merchants, as well as following up on banks and recommending facilitating their procedures towards merchants, and coordinating a meeting for merchants with the Prime Minister to listen to their problems and the possibility of solving them by overcoming the obstacles facing their business
.”
Al-Sudani added, "The committee aims to support the dinar and make it the basis for buying and selling in transactions within the country and adopting the foreign currency (the dollar) in external transactions only, which reduces pressure on the dollar and leads to a decline in its exchange rates in the local market. This process, if successful, will achieve price stability and proportionality." With the income of the citizen, who is burdened by the rise in prices as a result of fluctuating
exchange rates.
He explained that "several measures have been put in place to support the dinar, as the Central Bank has taken upon itself to solve the problem of bank transfers and adopt the platform in this regard despite the repeated complaints of merchants, but it is a good step to speed up the issue of remittances, in parallel with the simplification of banking procedures from the Baghdad Chamber of Commerce, which merchants complained about." A lot of them, as the Chamber organized discussion sessions through which merchants gathered with bank representatives to discuss and find solutions, and the rest of the procedures relate to the merchant himself and the extent of his response to the campaign and his implementation of the instructions that the committee provides him with in order to ensure the value of the dinar.
He continued by saying that "the issue of currency stability is related to government measures more than it relates to other parties, as they are the only ones capable of doing so, through the procedures they take and the extent of their implementation," noting that "the Baghdad Chamber of Commerce works alongside the merchant who incurred losses as a result of the fluctuation that occurred and its reflection on prices." And the current recession and the reluctance of citizens to buy, and it will remain supportive of any measure that would support price stability and raise the value of the Iraqi dinar against the US dollar, by preventing speculation in the currency and continuous campaigns to urge the merchant to adopt the dinar in his dealings, as well as government control and preventing currency smuggling and so on. Measures to maintain the stability
of the currency.
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