A member of the parliamentary finance committee, Nermin Marouf, confirmed on Saturday that the central bank has made remarkable efforts recently to ease the pressure on the US dollar against the Iraqi dinar, and to control the instability in the value of the dollar. “The measures adopted include the treatment of some overseas traders in other currencies such as the Indian rupee, the Chinese yuan and the UAE dirham, based on the volume of trade exchanges that Iraq has with those countries, especially with China and India, and this step aims to reduce the pressure on the purchase of the dollar in commercial transactions,” she told Al-Moalah.
“These measures have not yet been fully implemented, as traders have informed her that India has agreed to deal in Indian rupees, but are waiting for the formal mechanism between the Government of Iraq and India to be resolved before it is fully implemented,” she noted. She stressed the need to accelerate the measures related to this matter to stabilize the Iraqi dinar against the US dollar. She added that “a bilateral agreement must be reached between countries and Iraq to deal with the currency of the country with which the trade is taking place, since the dollar is considered the prevailing currency in most commercial transactions currently.” In her statement, Marouf concluded with “calling for speeding up the procedures and reaching a formal agreement to implement these steps, in order to enhance the stability of the Iraqi dinar and achieve greater financial independence for the country.” keywords
