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An advisor to the Iraqi government: The dollar exchange rates will stabilize within two months
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2023-10-11 03:12
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2023-10-11 03:12
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Shafaq News/ Advisor to the Prime Minister for Investment Affairs, Muhammad Al-Najjar, expected on Wednesday that stability would return to the exchange rates of the dollar against the Iraqi dinar in the parallel market within a maximum period of two months.
He said during his hosting of the seventh session of the “Miri” Forum, under the title “The Sudanese Government... Pledges, Progress, and Prospects,” that the disruption that occurred in the dollar exchange rates is not the result of coincidence, but rather a legacy dating back almost to the beginning of the war with the Iranian-Iraqi in the 1980s. He added, "A short period of time ago, the pattern of dealing with banks with regard to the dollar changed."
He explained that what is happening in this transformation and this process is that we are trying to return everything to the global system, which all Iraqi governments were late in this action, and some of them completely ignored the requests directed, and these requests are correct in reality.
Al-Najjar also pointed out that what we were supposed to do in six years, we are trying to accomplish in one year, and this greatly affected the exchange rate of the dollar, adding that the second thing that happened was the presence of major corruption within a group of banks and banking companies, which led to... To smuggle dollars.
The government advisor continued, saying, “The question asked is: Will the dollar price continue to rise?” The answer: Yes, this rise may continue for a certain period of time, adding: But we expect that within a month or two, stability in the exchange rate will begin, because 70 percent of trade In Iraq, it moved to the electronic platform.
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He said during his hosting of the seventh session of the “Miri” Forum, under the title “The Sudanese Government... Pledges, Progress, and Prospects,” that the disruption that occurred in the dollar exchange rates is not the result of coincidence, but rather a legacy dating back almost to the beginning of the war with the Iranian-Iraqi in the 1980s. He added, "A short period of time ago, the pattern of dealing with banks with regard to the dollar changed."
He explained that what is happening in this transformation and this process is that we are trying to return everything to the global system, which all Iraqi governments were late in this action, and some of them completely ignored the requests directed, and these requests are correct in reality.
Al-Najjar also pointed out that what we were supposed to do in six years, we are trying to accomplish in one year, and this greatly affected the exchange rate of the dollar, adding that the second thing that happened was the presence of major corruption within a group of banks and banking companies, which led to... To smuggle dollars.
The government advisor continued, saying, “The question asked is: Will the dollar price continue to rise?” The answer: Yes, this rise may continue for a certain period of time, adding: But we expect that within a month or two, stability in the exchange rate will begin, because 70 percent of trade In Iraq, it moved to the electronic platform.
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