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There is no stability in the exchange rates of the dollar against the dinar
Iraq 01/09/2024
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Baghdad: Haider Al-Jaber
Measures to strengthen monetary sovereignty in the country by reducing dealing with the dollar and relying on the Iraqi dinar in financial transactions continue to confuse daily life in local markets, as they witness a large difference between the two prices.
Formal and parallel.
A member of the Parliamentary Economics Committee, Soran Omar, accused influential parties of being behind the manipulation of the exchange rate.
He explained that the government did not control the exchange rate radically, and all measures to reduce it have limited impact, in light of the continued smuggling and money laundering through some banks and money exchangers, noting that the Central Bank’s measures are continuing, but the exchange rate is still high on the black market, and the difference sometimes reaches 25 thousand dinars
About the official price.
Omar warned that corrupt people are benefiting from the rise in the exchange rate, and some officials are behind the manipulation of the black market, calling for taking radical measures to set the price, as it affects the economy negatively, which is a very dangerous matter that portends undesirable consequences.
He pointed out that the responsible authorities accuse merchants of being behind the increase in exchange rates due to their reluctance to enter the Central Bank’s platform to buy dollars, in addition to complaints from commercial circles about obstacles and restrictions imposed by the Central Bank that complicate the issue of dealing with the platform.
On the same level, economic expert Abdul Hassan Al-Zayadi called for encouraging agriculture, industry and the private sector to get rid of the dominance of manipulation of the exchange rate, indicating the existence of a conflict between the government and speculators who have been manipulating the market for 20 years.
Al-Ziyadi explained, in an interview with Al-Sabah, that the dollar trade is an absurd trade established by the state, and it would have been better to develop agriculture, industry and local trade, stressing that this caused a huge gap, while work is being done.
To automate cash handling.
Al-Ziyadi pointed out that the government has adopted the issue and stability will return to the currency market, as the economy has been exhausted and trade has been paralyzed. He expects that the state’s measures will lead to a positive result within a year at most.
He expressed his hope that the exchange rate would stabilize at 145 dinars per dollar, criticizing the lack of support for the private sector.
He added that although a full year has passed since the launch of the international financial transfer system “SWIFT” by the Central Bank, and the strengthening of the exchange rate file with a package of measures described as reform, this did not help the dollar exchange rates stabilize in Iraq.
Edited by: Adhraa Juma
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