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- FRI, 02-03-2023, PM 3:07
- KARRAR AL-ASADI
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For more than two months, the exchange rate of the Iraqi dinar has been declining against the US dollar at an upward pace on an almost daily basis, as the exchange rate reached, Thursday and Friday, the threshold of 170,000 dinars, and in some financial Markets and stock exchanges it reached about 175,000 dinars per 100 dollars, which is a record that has not been previously registered.
The fluctuation in the exchange rate is now bothering the Iraqis and their preoccupation with its disastrous repercussions on their living conditions and their purchasing capabilities, which are declining daily due to the rise in the prices of basic commodities, materials and services, expelled with the decline in the value of the dinar against the dollar.
Exchange rate fluctuations have become around the clock, despite attempts by the Central Bank of Iraq to control them and return to the official approved exchange rate of up to 146 thousand dinars per 100 dollars, which prompts observers and economic experts to sound the alarm that what is happening will further destabilize the political and social stability of the country, and will raise the already high rates of poverty, unemployment and high prices.
What is happening?
The head of the Al-Amsar Center for Strategic and Economic Studies, Dr. Raed Al-Azzawi, says that the devaluation of the Iraqi dinar against the US dollar has become a serious crisis that is almost grinding citizens, especially from the middle and poor classes, due to the rampant inflation rates and high prices, as the Iraqi currency has reached the point of collapse, which is exacerbating the difficult living and economic conditions, in light of the high unemployment rates and the high prices of simple basic commodities and services.
American demands
Despite the talks between the US Federal Reserve and the Central Bank of Iraq to remedy and address the crisis, it seems that no tangible solutions have been reached yet, as there are demands from the US side to stop large and unjustified financial transfers outside the country. , and to control the entry and exit of the dollar from Iraq.
efforts of the Iraqi government
The Sudanese government is trying hard to take steps to address the issue and stop the bleeding of the dollar, but it needs internal political support that is still weak and unclear, as the influential political forces do not want to carry out real economic reforms and do We do not want to stop the smuggling of the dollar from the country, which represents a major problem in front of the Sudanese desire. To carry out and implement these reforms, and the one who pays the price in the end is the Iraqi citizen, as we are seeing now with the dinar crisis.
Although the exchange rates may rise more and more, to touch the threshold of 180 thousand dinars or more for every $100, which will burden consumers and low-income people in particular, given the outrageous high prices and the serious social and security problems it entails. .
The fluctuation in the price of the dinar against the dollar caused a state of popular anger, as mass demonstrations erupted at the end of last January in front of the headquarters of the Central Bank of Iraq, in protest against the continuous decline in the exchange rate of the dinar against the dollar.
The demonstrators called on the Iraqi government to move and take quick measures to control the price of the dinar, which has fallen to sharp and unprecedented levels.
official price
The Central Bank of Iraq had decided in December of the year 2020 to adjust the exchange rate of the US dollar against the Iraqi dinar, as the price of buying a dollar from the Ministry of Finance reached 1450 dinars, while the price of selling it to banks is 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars. per dollar.
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