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The battle for the dollar and illegal trade is exhausting the Iraqi market.. What do Iranian goods have to do with it?
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Baghdad today - Baghdad
Economist Nabil Al-Marsoumi confirmed today, Friday (March 15, 2024), that eliminating illegal trade is the best way to reduce the gap between the official and parallel rates of the dollar against the dinar.
Al-Marsoumi said in a post on Facebook, “Finally, the Central Bank of Iraq admitted that illegal trade is the reason for the gap between the official and parallel rates of the dollar against the dinar.”
He added, "The solution lies in eliminating this trade and then stopping the import of Iranian goods specifically," stressing that "this is not possible practically or in maintaining this gap, which is what will most likely happen."
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced on Thursday (March 14, 2024) an understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks.
Al-Alaq said in a press statement, after being hosted by the Parliamentary Finance Committee, on Thursday, and followed by “Baghdad Today”, that “the process of printing the local currency takes place according to the required financial cover.”
He pointed out that "the instability of the exchange rate is due to the presence of illegal trade carried out by small traders and some speculators."
During the past months, the United States prevented dozens of Iraqi banks from conducting transactions in dollars as part of a comprehensive campaign against transferring the American currency to Iran and other countries subject to sanctions in the Middle East.
The US Treasury - in cooperation with the Central Bank of Iraq - imposed stricter controls on financial transfers in the country in general.
As a result, the value of the Iraqi dinar declined against the dollar, and the prices of imported goods rose.
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