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The fluctuation of the US dollar continues to put pressure on the Iraqi economy and exhaust its sectors, which has made it an opportunity for traders to manipulate prices due to its instability, as the food and vegetable markets witnessed during the past days, increases between 5 to 20 percent.
The actions of the Central Bank of Iraq and its agreement with the US Federal Reserve to meet the bank’s requests for cash shipments for the year 2024 did not solve this crisis, as it stopped, yesterday, Sunday, the sale of dollars to Iraqi citizens wishing to travel outside the country in all government and private banks.
An informed source said, “The stop came because most of the government and private banks did not have the quota allocated for distribution by the Central Bank of Iraq.”
The source revealed, “measures are being followed on a timely basis to stop the dollar selling platform,” suggesting that “this will generate a significant rise in the dollar exchange rate in local markets,” according to Al-Alam Al-Jadeed newspaper.
According to the Central Bank of Iraq website, Iraq includes 80 operating banks, including 62 local banks and 18 banks that are branches of foreign banks.
In addition, activists on social media confirmed that Iraq is going through a “crisis” with the dollar, while others saw that the political tensions over the past days and calls to remove American forces from Iraq are behind this.
It is noteworthy that the controls and instructions placed on the electronic platform are very complex, and in most cases the traveler cannot obtain the dollar because the quantity runs out.
The Iraqi traveler to countries specified by the Central Bank is given an amount of $3,000, and in the case of treatment, he and the companion are given $6,000 at the official rate, with the exception of Iran, Syria, and Lebanon.
Today, Monday, the dollar exchange rates recorded 154,500 Iraqi dinars for every 100 dollars, in the parallel market, while the official price is 132,000 thousand dinars.
External remittances increased at the Central Bank of Iraq auction, today, Sunday, by 89% at the expense of cash sales, to reach 188 million dollars.
During the past two weeks, the dollar exchange rate in the local market witnessed a rapid decline, until it reached 148 thousand dinars per 100 dollars, after months of stability at above 155 thousand dinars per 100 dollars.
This decrease coincided with the start of New Year's celebrations, and the entry of most Iraqi and foreign companies on holiday, in addition to the annual inventory conducted by major commercial companies.
It is noteworthy that, on the 20th of last month, the Central Bank of Iraq directed banks to finance small merchants from Turkey in the euro currency.
On December 24, the head of the Association of Private Banks, Wadih Al-Handal, announced that the coming days will witness progress in implementing the agreement between Baghdad and Ankara regarding financing foreign trade in the Iraqi dinar and paying the supplier in Turkish lira.
It is noteworthy that the Central Bank announced, in the middle of last month, its agreement with an American delegation to meet the bank’s needs for cash shipments of the dollar currency for the next year, and the bank stated that its delegation concluded its meetings with the delegation of the US Federal Reserve and the US Treasury Department in Dubai, which resulted in a number of Among the agreements are related to supporting the policies of the Central Bank in its orientation to support Iraqi banks in establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks.
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