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Economic: The fixed dollar exchange rate depletes Iraq's foreign currency reserves
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Added 05/03/2024 - 12:50 PM
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Manar Al-Obaidi
Manar Al-Obaidi
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Economist Manar Al-Obaidi confirmed that the fixed dollar exchange rate adopted by Iraq depletes the country's foreign currency reserves.
Al-Obaidi said, “The only thing that is completely under the control of the Iraqi state is the exchange rate, which forcefully drains all foreign reserves to maintain an imaginary fixed price that traders benefit from to increase their profit margin.”
He added, "I never called for following a free-float policy. Rather, I called for a start to follow a compensation policy managed with a small volatility factor and gradually work to increase it until complete liberalization is reached."
He continued, “The alternative to maintaining the fixed exchange rate is to continue depleting the reserves until they run out and the oil market is exposed to very expected future fluctuations. Then, will we be forced, not given the choice, to an absolute floatation of the currency or a shocking reduction in the exchange rate, as happened in 2020, and then the risks will be greater and greater?”
Views 26
Added 05/03/2024 - 12:50 PM
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