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The dinar begins its “recovery journey” against the dollar
Economical 11/15/2023
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Baghdad: Al-Sabah
The Iraqi dinar continues to recover against the US dollar in the local markets in light of the continued government measures to close the price difference, as the decline reached the limits of 158 thousand per 100 dollars, at a time when experts expected that this decline is “temporary.”
Yesterday, Tuesday, in a press statement, a government source revealed a package of new measures to address the difference in the exchange rate, including regulating the import process and ensuring the entry of the largest number of merchants and importers to the foreign currency sales window by facilitating account opening procedures, deposit operations, and other procedures related to issuing the importer’s identity. Which will facilitate the “know your customer” requirements for merchants and importers.
He explained that Prime Minister Muhammad Shiaa Al-Sudani directed the activation of a joint committee between the government, the central bank and the private sector, under the supervision of his office, to hold serious discussions with the US Treasury regarding transfers through the foreign currency selling window, and the committee began its meetings from now.
He stated that there are ongoing negotiations between the government and the Central Bank with the Iranian side to regulate trade between the two countries and make the best options regarding payment of dues and amounts, and discussions are taking place at a good pace. The source pointed out that the government is holding ongoing discussions with the Central Bank regarding a number of topics, including facilitating procedures related to Iraqi banks importing the dollar (cash). This process has already begun with some banks importing the dollar, and the process will expand to include other banks, and work is also underway on Proceeding to conclude agreements to supply the currencies of some countries to be provided through banks and banking companies to meet the needs of tourists and pilgrims going to those countries without the dollar currency.
He continued that the government is now working on an “equal deal” project to exchange trade and imports with some countries, such as China and India, and in their own currencies from Iraq’s main trading partners, such as India, China, and some neighboring countries, pointing out that the government is currently studying the establishment of a free zone to import materials and then market them to the private sector and ensure Delivering it to the consumer at competitive prices and in dinars. The government is also currently studying a re-export project and there are important discussions in this regard. For his part, the economic expert, Diaa Al-Mohsen, attributed the decline in the dollar exchange rates in local markets to the systematic attempt to withdraw the dollar from citizens, while he stressed that the decline is “temporary” and will not continue or come close to the official exchange rate.
Al-Mohsen said in a press statement: There are parties that directly control the price of the dollar in the local markets, indicating that the recent measures and meetings will not lead to reducing the gap between the official and parallel prices.
He continued that the recent meetings that took place in the Emirates were marred by many problems and did not produce accurate results that would work to find solutions to the crisis of the rise in dollar prices, pointing out that the banks of some countries will benefit from the process of bidding farewell to the Iraqi currency, according to him. In turn, Khurshid Othman, professor of economics at Saladin University, confirmed that the decline in the dollar exchange rate in the parallel market is “temporary” and is due to the coordination and cooperation of a group of speculators who control the dollar exchange rate.
Othman expected the dollar exchange rate to continue to decline in the next two days, but indicated that it would witness a rise again due to the trick of speculators in luring citizens to buy the dollar at low prices and then sell it again.
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