{Economic: Euphrates News} Economist Bassem Jamil Antoine revealed, on Sunday, that Iraq is facing a unique situation in a crisis of high dollar prices that it has not experienced before.
Antoine {for Farat News} said that: “The recent state of the dollar’s rise is a unique situation that Iraq has not experienced in advance, and the productive sector in the country is still weak, and it cannot compensate for supply and demand operations, and that the demand for goods and goods is large and local production does not fill the need and the weight is on the dollar.”
He pointed out that “the fears of some traders will enter the platform and buy the dollar from pursuing income tax and the customs fee that will revolve and be used by some weak souls to trade, and there are parties working on speculation in dollars and have strength, which led to the complexity of the process more.”
“Treatment in decision-making is required, but there is a need to put pressure on those who manipulate the dollar,” Antoine continued.
The official exchange rate is 1320 dinars to the dollar in the Iraqi budget, but the parallel price witnessed today, Sunday, a strong rise in the Baghdad markets, reaching 155 thousand dinars per 100 US dollars.
This comes after Washington imposed sanctions on 14 Iraqi banks.
The House of Representatives moved to address the crisis and hosted the Finance Committee, the Governor of the Central Bank Ali Al-Alaq, to also discuss the bank’s measures to stabilize currency prices.
Since the beginning of this year, the Central Bank of Iraq has launched a working mechanism in an electronic platform and the international financial transfer system “SWIFT”; but this did not help the dollar exchange rates to settle in Iraq, despite the attempts of the government and the Central Bank to control the exchange rate in parallel markets.
In a televised meeting, the Governor of the Central Bank of Iraq, Ali Al-Alaq, explained the reasons for the high exchange rate of the dollar against the Iraqi dinar, because traders did not enter the bank’s electronic platform.
The Central Bank of Iraq had said that dollar-banped banks accounted for only 8% of foreign remittances.
From: Raghad Daham
https://alforatnews.iq/news/العراق-يواجه-حالة-فريدة-في-أزمة-الدولار-
