THE IRAQI DINAR IS OUTSIDE THE LIST OF THE 15 WORST-PERFORMING CURRENCIES AGAINST THE DOLLAR IN 2023
The Lebanese pound was the worst-performing currency in 2023, as it fell by nearly 90% against the dollar, according to Bloomberg data.
As for the Argentine peso, it ranked second on the list, recording a decline of 78%, followed by the Nigerian naira, which declined by about 50% against the dollar at the end of last year.
It is worth noting that data Bloomberg the official currency rates are based on central banks.
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PARLIAMENTARY ECONOMY DETERMINES THE FEATURES OF THE IMPACT OF “DOLLARIZATION” IN 2024
On Tuesday, member of the Parliamentary Economics Committee, Hussein Habib, identified the most prominent features of the impact of the continued dependence on the dollar on the country’s economy during 2024.
Habib said in an interview with Al-Maalouma, “Any decrease in the exchange rate of the dollar against the dinar is positive and will enhance the value of the latter and address the price pressure suffered by millions of people below the poverty line in the country, but on the other hand, any decrease cannot be achieved through wishes, but rather according to mechanisms.” An organization that adopts addresses the reason for the demand to buy the dollar from the parallel market.”
He added, “Dollarization has created exceptional conditions for Iraq’s economy in light of the import of approximately 90% of the market’s needs from abroad. That is, we export the dollar in the absence of industry, not to mention the impact of other sectors, including hospitals, because large numbers of citizens are forced to travel for the purpose of treatment and spend large sums of money.”
He pointed out that “dollarization, in reference to the parallel market, will remain influential in the economy as long as there is an absence of industry and production in large proportions, pointing to the necessity of openness to safe investment that attracts capital and restores its inflow in terms of rehabilitating services and opening horizons that contribute to expanding the circle of dependence of the dinar instead of the dollar in Internal financial transactions.
The dollar exchange market witnessed a gradual decline before it rose again in recent days amid uncertainty in its activity.
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