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[size=52]Parliamentary Finance: Three challenges surrounding the parallel market[/size]
- Today 15:56
Information / Diyala..
On Monday, Representative Mudar Al-Karawi, a member of the Parliamentary Finance Committee, identified three challenges related to the parallel market file in Iraq.
Al-Karawi told Al-Maalouma that “the decline in the dollar exchange rate in the parallel market has been expected for three months in the midst of the Central Bank’s measures,” pointing out “three challenges that must be paid attention to, which are the balance of imports, smuggling, speculation, and corruption that is trying to obstruct any reforms in the financial track.” .
Al-Karawi added, "The decline in the parallel market may be followed by a rise at any moment, especially since 90% of Iraq's needs depend on foreign imports in hard currency, which puts pressure on the markets and leads to a slowdown in the process of decline in the central bank rate."
He pointed out that "without a dose of hope for the Iraqi industry, by achieving flexible rates in production and meeting the needs of the markets in a way that reduces imports, the parallel market will remain under pressure," stressing the necessity of "moving towards diversifying the basket of currencies and not limiting it to the US dollar."
The country's parallel market witnessed a 5% decline in recent weeks, amid expectations that the decline will reach 145 thousand dinars per $100 at the end of next January. Ended / 25 F
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On Monday, Representative Mudar Al-Karawi, a member of the Parliamentary Finance Committee, identified three challenges related to the parallel market file in Iraq.
Al-Karawi told Al-Maalouma that “the decline in the dollar exchange rate in the parallel market has been expected for three months in the midst of the Central Bank’s measures,” pointing out “three challenges that must be paid attention to, which are the balance of imports, smuggling, speculation, and corruption that is trying to obstruct any reforms in the financial track.” .
Al-Karawi added, "The decline in the parallel market may be followed by a rise at any moment, especially since 90% of Iraq's needs depend on foreign imports in hard currency, which puts pressure on the markets and leads to a slowdown in the process of decline in the central bank rate."
He pointed out that "without a dose of hope for the Iraqi industry, by achieving flexible rates in production and meeting the needs of the markets in a way that reduces imports, the parallel market will remain under pressure," stressing the necessity of "moving towards diversifying the basket of currencies and not limiting it to the US dollar."
The country's parallel market witnessed a 5% decline in recent weeks, amid expectations that the decline will reach 145 thousand dinars per $100 at the end of next January. Ended / 25 F
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