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A big challenge facing the dollar market in Iraq.. Who fills the void of banned banks?
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Baghdad today - Baghdad
Today, Friday (July 21, 2023), the expert in economic affairs, Nabil Jabbar Al-Tamimi, identified what he described as the “biggest challenge” arising from the background of banning 14 Iraqi banks from dealing in dollars, as these concerns relate to how to cover the customers of these banks and the demand for dollars that was made from through it.
Al-Tamimi said in an interview with "Baghdad Today" that "the US treasury's measures to impose sanctions on 14 Iraqi banks are not surprising, as treasury officials previously issued warnings to banks 8 months ago."
He added, "The high exchange rates yesterday and today are the result of the market's rebounds about the imposition of sanctions and the fears of currency traders that these sanctions will lead to further restrictions on the dollar in the Iraqi markets."
He pointed out that "the volume of blocked banks from the area of daily transfers is approximately 8%, and it may be covered by other banks that are not subject to penalties."
And he indicated that “the next fear is if other banks refrain from making transfers in favor of merchants through the platform,” noting that “the fear results from fears that they will be subjected to penalties similar to what other banks were subjected to.”
He explained that "the crisis may be avoided according to the central bank's response and procedures, reassuring banks and markets, and working to continue the flow of remittances and developing solutions for remittances towards Iran."
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