Parliamentary Finance: We Are Close To Ending The Phenomenon Of “Parallel Markets” And Prices Are Heading To Decline
Economy |Baghdad today – Baghdad The Parliamentary Finance Committee confirmed today, Wednesday (January 24, 2024), that Iraq is close to resolving the crisis of the high dollar exchange rate and ending the phenomenon of “parallel markets.”
Committee member Moeen Al-Kazemi said, in an interview with “Baghdad Today,” that “the Iraqi government and the central bank were able to truly control the exchange rate of the dollar and prevent its rise, after taking various steps and decisions over the past months that led to the gradual decline of the dollar in the parallel markets.”
He added, "Work is currently underway to end the so-called (parallel markets) and we are approaching that. The dollar will not be exchanged except at the rate approved by the Central Bank of Iraq, and this matter requires a short time," pointing out that "the decline in the parallel markets "It will continue gradually over the coming days."
Earlier, the Central Bank of Iraq announced in a statement that it had decided, as of this January, “to limit all commercial and other transactions to the Iraqi dinar instead of the dollar” inside the country, in an attempt to control exchange rates in parallel markets.
Yesterday, Tuesday (January 23, 2024), a member of the Parliamentary Economics Committee, Representative Briar Rashid, monitored the danger of the “parallel market” in Iraq.
Rashid said in an interview with “Baghdad Today,” that “many factors contributed to creating the parallel market for dollar exchange in Iraq, which is currently far from the official price set by the Central Bank at about 20 thousand dinars for every 100 dollars (the official price is 132 thousand dinars for every 100 dollars). $)".
Rashid pointed out that “the continuing gap between the parallel and the official is putting strong pressure on the markets and increasing the rate of price rise,” stressing that “his committee will hold a series of sessions with the Central Bank starting next week in order to coordinate towards supporting the markets and responding to the requirements of companies and traders in order to reduce prices as much as possible.” Possibility.
He explained that "supporting banks and openness in the labor market and production is a priority during the next stage," stressing that "increasing national production will reduce the demand for hard currency and lead to reducing the parallel market, and this is what we are seeking to achieve at the present time." LINK
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