The Dollar Crisis In Iraq... “Poor” Government Measures And “Psychological Anxiety” Afflict Citizens, 19 OCT

 The Dollar Crisis In Iraq... “Poor” Government Measures And “Psychological Anxiety” Afflict Citizens

Economy |Baghdad today – Baghdad   There are many measures that the government has taken in order to control the price of the dollar, but day after day it proves its failure to control it, which reflects negatively on the lives of citizens day after day because it is closely linked to their trade and their ability to purchase consumer goods.

The Dollar Is On The Minds Of Iraqis

Professor of Psychology, Ali Al-Zubaidi, confirmed in an interview with “Baghdad Today” today, Wednesday (October 18, 2023), that “the dollar occupies 30% of Iraqis’ minds 24 hours a day.”

Al-Zubaidi adds, “The dollar, for several reasons, has become the compass of market movement in Iraq, and any rise or fall leads to impacts, some of which are harsh on millions of simple people and those with limited income because of its direct impact in determining the compass of prices up and down, and is accompanied by speculation and the attempt of some to create any crises to earn more money.” ".

He confirms, "The dollar occupies the minds of Iraqis by 30% 24 hours a day, and the percentages rise, especially for professions directly linked to the currency market, and large losses may lead to a psychological state that sometimes leads to suicide."

The Dollar Crisis "Worries" The Poor

Al-Zubaidi pointed out that "even simple people, the dollar has become a source of concern for them because it leads to an increase in financial burdens by raising the prices of basic materials and medicines."

He continued, “The salaries of state employees lost 25-30% of their value after the price of the dollar was 125 thousand dinars per 100 dollars, and now the barrier of 160 thousand dinars per 100% has been broken, meaning that their salaries have weakened and they must pay a higher price to purchase materials,” adding: “The dollar crisis creates varying psychological states resulting from overthinking, but it does not lead to chronic diseases.”

High Dollar Contributions

Last Saturday (October 14, 2023), economic expert Farman Hussein confirmed that transfer cards and Western Union contributed to the smuggling of millions of dollars abroad, considering that the Association of Private Banks is responsible for the rise in dollar exchange rates for the benefit of the private banks affiliated with it.

Hussein said in an interview with "Baghdad Today" that "millions of dollars were smuggled out of Iraq, especially the Emirates and Turkey, and contributed to the wealth of hundreds of merchants, money changers and private banks."

He added, "The Association of Banks is the first and last responsible for the dollar crisis, and it is the one who created the large difference in the official and parallel rates with the aim of achieving benefit for banks and private companies."

The dollar exchange rate has witnessed a noticeable increase in recent days, exceeding the barrier of 160 thousand dinars per 100 dollars, while the Central Bank is taking many measures and decisions to prevent the circulation of the dollar in local markets above the official price (1320), but to no avail, despite the fact that the dollar is its only source. The Central Bank, although those who take the dollar, namely private banks and exchange companies, are known to it, but it is unable to control them and oblige them not to leak dollars through fake transfers, according to observers.  LINK