Why Does The Dollar Maintain Its Parallel Price Despite The “Million Shipments” Arriving In Iraq?, 10 DEC

 Why Does The Dollar Maintain Its Parallel Price Despite The “Million Shipments” Arriving In Iraq?

Economy |  Baghdad today – Baghdad  Today, Saturday (December 9, 2023), the Parliamentary Finance Committee commented on the reason why the dollar exchange rate remained high in the parallel market, despite the arrival of shipments of the dollar to Iraq.

Committee member Jamal Kujar told Baghdad Today, “The reason the dollar continues to rise in the parallel market is the continuation of black transfers through which money is paid for a lot of imports, especially trade with Iran and Syria.”

Cougar stated, “The shipments of dollars that have arrived in Iraq and will arrive are for the purpose of providing this currency to pay for commercial work that is within the platform and not outside it, and for this parallel market, the dollar will remain high in it due to black transfers, for which the government has not developed any real solutions so far.” .

The Central Bank of Iraq had allowed licensed banks to import dollars from outside the country to cover legitimate requests for dollars.

On the other hand, Iraq's annual imports from Iran amount to approximately 10 billion dollars, according to statistical data, while all of these imports are financed from the parallel market dollar due to the inability to transfer the dollar to Iran by the Central Bank of Iraq.  LINK