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The dollar crisis is “exacerbating” and Parliament is hosting the central governor
Economical 2023/07/22
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Baghdad: The Emad of the Emirate
The House of Representatives intends to host the Governor of the Central Bank, Ali Al-Alaq, and the Minister of Finance, Taif Sami, during the current week, to find out the reasons for the lack of control over the parallel exchange rate. The parallel price means the exchange rate of the dollar in the market and exchange offices, and not the official rate set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.
The exchange rates of the US dollar against the Iraqi dinar rose in Baghdad markets, after Washington imposed sanctions on 14 Iraqi banks, to reach 152 thousand dinars per hundred dollars yesterday, Friday.
A member of the Finance Committee, MP Moein Al-Kazemi, said in a press statement: "The government tried to control the exchange rate, by reducing the dollar from 145 to 130 thousand, and was able to provide remittances to countries to which remittances can be sent."
Al-Kadhimi added, "However, there are other countries from which Iraqi merchants import, and US sanctions prevent sending these remittances, forcing these merchants to obtain dollars from the parallel market."
And he explains, “Which leads to the dollar’s price remaining high in this market, and with the recent measures of the US Federal Reserve not to deal with a number of private banks, this had an impact on the rise in the dollar’s price.
Regarding the procedures of the Finance Committee in this regard, Al-Kazemi stressed, "There will be a hosting of the Governor of the Central Bank and the Minister of Finance this week, to find out the real reasons for the inability to control the parallel price." For his part, the specialist in economic affairs, Dr. Ahmed Al-Rawi, believes in an interview with "Sabah" that "the approval of the current budget with large allocations for spending will lead to an increase in the demand for the dollar, and despite the Central Bank's measures to mitigate the difference in the official price from the parallel, all these measures do not affect only a few percentages in this difference," it is likely that "the large size of the budget, especially in items of operating expenses, will lead to the continuation of the difference in the exchange rate of the parallel dollar."
Al-Issawi stated, "The Iraqi economy is going through a dangerous stage after two decades have passed after changing the political system without economic diversification, the absence of private sector participation, and the meagerness of the stock market with great functional slack," noting that, after "approving the tripartite budget, the Iraqi economy faces the possibility of witnessing an increase in demand for the dollar to meet the needs of merchants and citizens and to meet import requests, especially after the release of budget funds," likely at the same time, the inability of "monetary policy" to bridge the gap between the official and parallel prices in light of the indicators of the unilateral economy.For his part, academic Dr. Amr Hisham stated, "Relaunching the public budget, especially the investment budget, will enhance aggregate demand and raise prices if the production base cannot respond to this increasing demand." He continued, so large sums of dollars will be transferred abroad as a result of increased imports, which will inevitably raise the demand for foreign currency.
The sanctions affected "banks (the Islamic Advisor for Investment and Finance, Al-Qartas Islamic Investment and Finance, as well as the Islamic Spectrum, Elaf Bank, Erbil Bank for Investment and Finance, International Islamic Bank, Trans-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajih Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, Islamic World Bank for Investment and Finance, and Zain Iraq Islamic Bank for Investment and Finance." nation on remittances in the country in general
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