"It is not time for the dinar to dismount", 12 AUGUST

 It is not time for the dinar to dismount

As an Iraqi, I waited for the Security Council to review and lift the unjust sanctions imposed on my country. However, the semi-annual sessions only presented arguments for extending the blockade, causing hope to fade away among the millions of people struggling to survive.

In 1996, the Memorandum of Understanding known as Oil for Food and Drug caused the market to shake, the dollar to fall, and the dinar to slightly recover. People were joyful while shopping, amazed by the comparisons between yesterday’s and today’s products, but the dinar’s improvement negatively affected the merchants. Parents disowned their children to avoid the debts owed by those in hiding, and “disavowal” advertisements appeared in newspapers.

Only a small portion of oil exports, which we have no control over, affects the dinar positively. What if the blockade was lifted completely? We’ve been pondering this question.

Thirteen years have passed, and we are still under blockade. Our lives are depleted by permanent austerity and subsistence living. We content ourselves with rationed food and medicine.

The big change happened in 2003 when Iraqis eagerly anticipated the new edition of the dinar currency. Some even speculated that it could challenge the dominance of the US dollar. This optimism was fueled by explosive budget growth due to surging oil prices. However, these expectations were not met in the end.

Billions of hard currency did not boost the dinar, unlike the Kuwaiti dinar after the 1991 war or the German mark after World War II.

After the war and the siege, the dinar remained in the room of the Iraqi Central Bank’s auction recovery. From time to time, we heard about the project of deleting zeros, which was expected to be an alternative solution to the recovery of the dinar. Economists and analysts were scrambling to find a way out for the dinar. However, with every crisis that shook the market, the currency market appeared as the only way to preserve the livelihood of the dinar before its collapse.After the war and the siege, the dinar remained in the room of the Iraqi Central Bank’s auction recovery. From time to time, we heard about the project of deleting zeros, which was expected to be an alternative solution to the recovery of the dinar. Economists and analysts were scrambling to find a way out for the dinar. However, with every crisis that shook the market, the currency market appeared as the only way to preserve the livelihood of the dinar before its collapse.

--------

Concerning the dollar crisis.. Al-Fateh: The US treasury is “manipulating” the fate of the people

A member of the Al-Fateh Alliance, Ali Al-Zubaidi accused the US Treasury of manipulating the Iraqi economy by deepening the crisis of the high exchange rate of the dollar in the local market. He emphasized the need for Iraq to achieve economic independence away from US hegemony.

Al-Zubaidi stated that it is unfair to continue depositing the country’s funds in the US Federal Bank. He added that Washington lacks credibility in the treaties and charters that are agreed upon.

He stated that Iraq could solve the dollar crisis by ending US-imposed hegemony over oil sales. He pointed out that the US Treasury is exacerbating the crisis by manipulating exchange rates in local markets.

Al-Zubaidi stated that the US imposes Chapter VII restrictions on Iraq to serve its own interests. He also emphasized the need for Iraq to achieve economic independence from American influence.

During an interview with Al-Information Agency, Member of Parliament Kazem Al-Touki stated that the Central Bank’s measures were unable to withstand the decisions made by the US Treasury regarding the dollar. He further emphasized that the sanctions imposed by the US Treasury will prevent the stability of the dollar exchange rates in local markets.