After The Rapid Decline And Slow Rise...An Expert Denies The End Of The Dollar Crisis In Iraq Except Under Two Conditions, 18 NOV

 After The Rapid Decline And Slow Rise...An Expert Denies The End Of The Dollar Crisis In Iraq Except Under Two Conditions, 18 NOV

Economy |Baghdad today – Baghdad  Economic expert Nabil Al-Marsoumi confirmed today, Friday (November 17, 2023), that the dollar exchange rate crisis will continue because the government’s solutions are unrealistic .

Al-Marsoumi said in an interview with “Baghdad Today” that “the dollar crisis in Iraq will continue due to the continuation of the American economic sanctions imposed on Iran.”

He added, "After implementing the electronic platform system, it became difficult to transfer dollars to Iran, and since Iraq has trade with Iran amounting to about 10 billion dollars annually, and tourists and patients visit Iran and spend more than 3 billion dollars annually, there is difficulty in controlling the dollar crisis."

He stated that "only two solutions can restore stability to the dollar exchange rate and end the crisis, which is convincing the United States to allow the transfer of dollars to Iran, or searching for another source to import goods from countries that do not have embargoes or sanctions."

The dollar exchange rates declined rapidly 3 days ago from 166 thousand dinars to 155 thousand dinars per 100 dollars, before returning to a relatively high rate, reaching 159 thousand dinars currently.

The decline came due to market sentiment, after statements and reports about a package of measures and agreements between the Central Bank of Iraq and American, European, Turkish and Emirati banks, for the purpose of strengthening the balances of some Iraqi banks in advance in the currencies of the dollar, the Indian rupee, the Chinese yuan, the euro and other currencies, to expand the possibility of financing Iraqi trade and diversifying it instead of... Limited to the dollar.  LINK