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Shafaq News/ Today, Sunday, an expert in the Iraqi economy explained the reasons for the rise in the exchange rate of the dollar in the local markets, expecting the end date of this rise and its return to its normal price.
The economist, Dr. Diaa Mohsen, told Shafaq News agency, "The rise in the exchange rates of the Iraqi dinar against the US dollar cannot be considered economic as much as it is political, because after the advent of Prime Minister Muhammad Shia'a al-Sudani, developments took place in the Iraqi economic system, especially with regard to combating corruption."
Mohsen added, "But the good thing is that the US Treasury Department intervened in this issue, as the representative of the ministry at the US embassy in Baghdad met with the directors of private banks more than once, especially those that have red marks, which mean that the US Federal Reserve is certain that it is running operations." Suspicious currency smuggling, money laundering, etc.
And he continued, "Therefore, the Central Bank of Iraq audited these transactions, which led to a decrease in the amount of cash from the dollar sold to the market. After the central bank was selling more than 280 billion dollars, it became selling about 70 million dollars, in contrast, the demand for the dollar increased before The real merchants, and this is what made the parallel market raise the value of the dollar against the Iraqi dinar.
The economist explained, "As a result, there were effects in the local markets, but this situation will not last for more than 10 days at the latest, because the Central Bank issued instructions to sell dollars to citizens, but these steps do not advance the Iraqi economy."
At the end of his speech, Mohsen expressed his hope that "the government will work hard to activate the real economic sectors, so that the Iraqi economy does not remain restricted to dollars and imports that drain a lot of money from the country."
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