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Will agreements with international banks contribute to solving the monetary problem in Iraq?
12/16/2023 Follow-ups|..
Economic researcher, Ziad Al-Hashemi, confirmed on Friday that the agreements with the banks of the Emirati First Gulf, Turkish Labor, Singaporean Development and others will not end the monetary problem in Iraq.
Al-Hashemi said in a post on the “X” platform followed by “Newspaper”, that “it is expected that these agreements will provide multiple cash alternatives that will help the merchant.” Iraqis can transfer their trade funds quickly and flexibly and reduce dependence on the dollar in foreign transactions.”
He explained, “These agreements will also help reduce the demand for the parallel dollar by attracting the segment of merchants who previously turned to the parallel dollar in search of quick transfers away from the platform, its complications, and delayed approvals.”
He added, “However, the demand for the cash dollar will remain high, and the official dollar will continue to be withdrawn and converted into a parallel dollar by powerful parties that own huge amounts of dinars, and have no relation to regular or official commercial work, and will continue to put pressure on the Iraqi economy to obtain the dollar in all ways and means.”
He continued, “This fact was confirmed by the exchange rates during this period, which maintained their high levels and did not decline despite these agreements and despite hundreds of millions of (imported dollars). This is what makes the exchange rates ready to rise at any moment and with any new event.”
He stated, “Despite the Federal Reserve’s tightenings and the Central Bank’s attempts, it is expected that the problem of the cash dollar, the parallel dollar, and the imbalance in exchange rates will continue with us during the coming year, and we are waiting for more stringent, serious, and courageous solutions to end this problem from its roots.” LINK
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