AN ECONOMIC VISION TO END THE DOLLAR’S DOMINANCE OF THE IRAQI MARKET
On Wednesday, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, presented an economic vision to end the crisis in the parallel market for the dollar in Iraq.
Al-Tamimi told Al-Maalouma, “The rise in the dollar exchange rate in the parallel market was not surprising, but was indicated in our expectations a month ago from now for multiple reasons, some of which are external related to Washington’s position on the Sudanese government and others are internal related to the Central Bank and the extent of implementation of measures in reality.”
He added, “The Chamber of Commerce put forward a 7-dimensional vision to contain the parallel market, starting with investigating the mechanisms for granting the dollar at the official rate at the specified outlets and seeking to end the dollarization of several sectors at home and stressing this measure, pointing out that the crisis is not temporary because there are accumulated factors that caused its exacerbation.” Recently”.
He pointed out that “70% of the dollar is exported abroad because Iraq is devoid of industries that supply its markets with basic needs. This is a catastrophic matter that was overlooked after 2003, which makes the country’s economy dependent on external conditions, and any crisis will hit hard internally, requiring a comprehensive review to revive the industry again.”
(Sounds a lot like the problem the US is having. The US is a consumer nation and does not produce much anymore to the rest of the world. Why? Who changed all this. The US was once a great nation of solid wealth built by hard work and manufacturing. Now millionaires/billionaires are built of hedge funds and speculation of stocks. What’s wrong with this picture? There is lots we can learn from the situation in Iraq.)
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