{Economic: Euphrates News} The adviser of the Association of Iraqi Banks, Samir Al-Nusairi, expected the decline of dollar prices to 1400 dinars during the first quarter of next year.
Al-Nussiri told the {State Dialogue} program broadcast by the Euphrates satellite channel this evening that: “The main source of the dollar is the Central Bank of Iraq, which took two measures to control the exchange rate inside Iraq by opening 5 new banks covered by another American bank.”
“There are 13 Iraqi banks that will deal with the Chinese yen and 5 new banks that will strengthen their balance from Abu Dhabi banks, as well as two Iraqi banks covering the Indian diruba currency in addition to two other banks to cover the euro,” he added.
Al-Nussiri carried the political news “responsibility to raise dollar prices,” describing the Iraqi economy as “confused, weak and fragile, affected by all conditions in the country, negatively and positively.”
He pointed out that “allowing Iraqi banks to bring remittances contributes to reducing the price of the dollar,” noting that “trade with India is limited to 3 billion dollars, China by up to 12 billion and the current agreement with Turkey to strengthen the assets of our banks in euros as it is a stable currency.”
Al-Nusairi said, “There is a new strategy for the Central Bank called the lending process to implement the government program to get out of and there are many mechanisms and procedures included in the third strategy of the bank and will be announced after the completion of all procedures.”
He pointed out that “the exchange rate will fall to the 1940s under normal conditions and will be during the first quarter of next year.”
With regard to inflation in Iraq, Al-Nusiri said, “The Central Bank issued a comparison between the inflation rate achieved in Iraq between 2022-2023 is lower than in regional countries, and the inflation rates in Iraq are the best in the region, which means that the Central Bank has achieved one of its main objectives.”
“70% of remittances are not executed, which affected the instability of the local market, and the US Federal Bank previously did not mention the reasons and the new agreement included mentioning the reasons under which remittances are rejected,” Nusairi concluded.
Wafa Al-Fatlawi
