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A government advisor expects the dollar exchange rate to stabilize
Economical 10/12/2023
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Baghdad: Al-Sabah,
Advisor to the Prime Minister for Investment Affairs, Muhammad Al-Najjar, expected yesterday, Wednesday, the return of stability to the exchange rates of the dollar against the Iraqi dinar in the parallel market within a maximum period of two months.
He said in a press statement: The disruption that occurred in the dollar exchange rates is not the result of coincidence, but rather is a legacy dating back almost to the beginning of the Iran-Iraq war in the 1980s, adding that “a short period of time ago the pattern in 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, from 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 Dollar smuggling.
The government advisor continued, saying: The question 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 the exchange rate will begin to stabilize, because 70 percent of trade in Iraq has moved to the electronic platform.
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