Monetary Conflicts: The Iranian-Iraqi Chamber Of Commerce Confirms The Continuation Of Exchanges Despite The Seizure Of The Dollar, 5 JAN

Monetary Conflicts: The Iranian-Iraqi Chamber Of Commerce Confirms The Continuation Of Exchanges Despite The Seizure Of The Dollar

January 3, 2024  Baghdad/Al-Masala Al-Hadath: Member of the Iranian-Iraqi Chamber of Commerce, Hamid Hosseini, said that the Iraqi Central Bank’s law to control the dollar and the announced restrictions do not mean the end of trade exchanges between the two countries or create problems in trade.

During a televised interview, Hosseini referred to the recent measures of the Central Bank of Iraq to deal with foreign currencies: The restrictions imposed after the adoption of this law were in no way a new or unprecedented event in the face of Iranian-Iraqi trade, as they had existed before in many ways.

He added: Naturally, this law made it difficult to exchange dollars in the markets of this country, which will naturally affect the process of commercial and international exchanges. These restrictions are very similar to the laws on buying and selling currencies in Iran and cannot be considered a complete ban on currency exchange.

He pointed to the consequences of applying this law on the foreign exchange process for Iranian merchants and businessmen in Iraq, and said: Nothing new will happen after this law, especially in a country like Iraq, where such issues can be easily resolved. Of course, perhaps export and import expenditures will rise slightly for a short period of time and the business process will face some risks, but it is unlikely that there will be a major problem in trade exchanges.

Referring to the political developments and events in the region and their impact on similar restrictions, this economic activist added: Such issues are generally related to political situations, relations and regional tensions, especially since Iraq is always under pressure from the United States and is forced to surrender to the demands of the United States often.

Hosseini expressed his hope that the positive trend of foreign exchange and trade between Iran and Iraq would continue, and he said: In Iraq, many people still do not want to transfer, buy and sell dollars through financial and banking networks or letters of credit and the like, and Iraqi exchange offices are still the main agent. To exchange currencies in this country.

He continued: Given the circumstances that Iraq is going through, there has always been a way to buy and sell currencies in this country, and Iran can continue its trade exchanges with this country in different ways. There is no doubt that despite the adoption of the new law in this country, the window is open for foreign exchange between Iran and Iraq, and the export process must continue in this way.

He believed that Iranian businessmen and merchants should not worry too much about the consequences of the new Central Bank of Iraq law, because other countries such as Russia, Syria, Venezuela, and others also face similar problems, but they were able to solve them.

In conclusion, he stressed that the Iranian government and the Central Bank are taking effective steps in this regard by providing more support and solutions for export operations and currency exchange with Iraq.   https://almasalah.com/archives/78281