Parliament Sets 3 Months To Restore The Dollar Exchange Rate To Its Official Rate, 22 SEPT

 Parliament Sets 3 Months To Restore The Dollar Exchange Rate To Its Official Rate

Politics ,  09/22/2023 10:20  Number of readings: 96    

Baghdad - Iraq today:   The Parliamentary Finance Committee reported that within the next 3 months, the dollar exchange rate will be restored to its official rate.

Committee member Moeen Al-Kazemi said in a television interview, “Iraq opened remittances to import necessary materials, and the Central Bank of Iraq provided approximately 80 percent of the Iraqi market’s needs with official fundamentalist remittances.”

He added, “There remains 20 percent in the black market for which the Central Bank cannot issue a transfer due to imports from countries banned by the US Federal Reserve. Therefore, merchants concerned with obtaining dollars from the black market resort to the parallel market, which leads to this significant increase.”

He continued, “The Central Bank delayed financing its funds from the American side for two periods, and this is considered an obstruction to the work of the Central Bank and the economic situation in Iraq.”

He pointed out that “the American and Treasury restrictions have a pressing impact on the flow of the Central Bank's work, so important measures have been put forward, including facilitating the tax issue for merchants in a way that encourages what is required, that is, the one who pays these taxes, to review the tax authority, pay what he owes, and settle what he owes over the previous period,” pointing out “This procedure is important and is one of the things that encourages the trader to enter the currency window instead of going to the parallel market, which leads to a gradual reduction in the price of the dollar.

He pointed out that "over the next three months, the dollar exchange rate will be gradually restored to its official rate."   LINK