Sandy Ingram  [Post 2 of 2]

Iraq is one of the world’s largest oil producers yet the country struggles with shortages in fuel supply.  The central bank vice governor said in March 2024 that Iraq is fighting a booming currency black market.  He made this statement…three months after it became illegal to use dollars in transactions in Iraq…Some economists propose a bold strategy to address these twin challenges by introducing currency flotation.  The would essentially remove the CBI’s peg to the dollar allowing the dinars exchange rate to be determined by market forces.  It appears the more controls a country has the more room there is for a parallel market or a black market…