Chambers of Commerce reveal their expectations for the “parallel market” in Ramadan: decline is the dominant feature, 12 MARCH

 Chambers of Commerce reveal their expectations for the “parallel market” in Ramadan: decline is the dominant feature

3/11/2024   Baghdad

Today, Monday (March 11, 2024), the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, revealed his expectations for the dollar exchange rate in parallel markets during the month of Ramadan, while stating that the decline will be the dominant feature.

Al-Tamimi told "Baghdad Today", "The exchange rate of the dollar in the parallel market at the present time is somewhat stable," indicating that "the government's measures have contributed to reducing the phenomenon of dollarization in the markets, pushing towards electronic circulation of funds, and reducing the phenomenon of smuggling."

He added, "Government policies have greatly reduced speculation that was generating billions of dinars to parallel market whales and smuggling," adding, "If it had not been for government intervention, the dollar exchange rate would have been strongly approaching 200,000 dinars for every $100 "

Al-Tamimi pointed out, “Our expectations for the dollar exchange rate in Ramadan indicate a continuation of the slow decline to below 150,000 dinars per 100 dollars, but we are in a situation where crises or surprises could occur that change the course of the exchange rate within hours, but in all cases the decline is The dominant feature of the parallel market.

The Parliamentary Finance Committee confirmed on Wednesday (March 6, 2024) that the dollar is controlled by the relevant government agencies, calling for not taking into account the rumors of losing and corrupt parties.

Committee member Moin Al-Kazemi told “Baghdad Today” that “there are some politically losing parties and personalities who have major suspicions of corruption, working to continue spreading rumors that the government is not in control of the dollar market and the Iraqi dinar is declining , for the purpose of political influence as well as influencing the market.”

Al-Kadhimi added, “The government is currently in complete control of the dollar in all its transactions, and there is real and serious work to strengthen the Iraqi dinar,” stressing that “everyone is required not to take into account the rumors of losing and corrupt parties, as they do not want economic stability, to achieve their suspicious agendas.”   LINK

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