Shafaq News / The Baghdad Chamber of Commerce confirmed, on Monday, that the move of the Iraqi Trade Bank (TBI) prevented the dollar from rising, while 90% of consumer items are imported.
Chamber President Firas Al-Hamdani said, in an interview with Shafaq News Agency, that “Iraqi markets are completely affected by the dollar because 90% of consumer materials are imported, and therefore the high price of the dollar results in price inflation.”
He pointed out that “the Iraqi government is serious about controlling the dollar price and has taken a positive step by authorizing the Central Bank of Iraq to authorize the Iraqi Trade Bank (TBI) to sell the dollar at a price of 1320 Iraqi dinars to small traders for import purposes without the condition of submitting fundamentalist holdings belonging to companies except for its membership in the Chamber of Commerce or has a commercial register.”
He stressed that “this step limited the rise in the price of the dollar against the dinar and created relatively stable in the prices of goods in local markets because this is related to the transfer of the currency abroad and therefore we need the Central Bank and Iraqi banks to be supportive of the trader.”
Al-Hamdani pointed out that “the Iraqi Trade Bank, on July 30, began transferring dollar purchase orders to small traders (the owners of shops), amounting to $100 per trader at a price of 1320 per dollar, through banks directly without the need to participate in the electronic platform of the Central Bank.”
Baghdad trade praises action by Iraqi Trade Bank: Curbing dollar price rise
