CLARE: Sudanese: Lowering the exchange rate means giving the dollar to illegal trade, 4 MARCH

 Sudanese: Lowering the exchange rate means giving the dollar to illegal trade

3/3/2024

Baghdad

Prime Minister Muhammad Shiaa Al-Sudani said this evening, Sunday (March 3, 2024), that lowering the exchange rate means giving the dollar to illegal trade.

Al-Sudani stated during his participation in the opening of the activities of the Al-Rafidain Dialogue Forum in Baghdad, that "the financial situation in Iraq is at its best and that commercial transactions are collected through commercial institutions."

He added, "We give the student, the patient, the merchant, the contractor, and the investor the dollar at the official rate."

Al-Sudani pointed out that "the notes recorded on Iraqi banks from the US Treasury are from the time of previous governments."

He pointed out that "economic reform was one of the most important priorities of the government program."

Al-Sudani noted that "the salaries of employees and retirees constitute the largest cash block in the financial budget."

It is noteworthy that Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market. 

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on February 6 that “some groups are trying to stay away from the platform for selling foreign currency in order to evade taxes or customs or the presence of illegal trade,” indicating “the possibility of meeting all requests for the dollar,” adding that “the bank has no problem.” In offering or selling the dollar.

He pointed out that "the bank is in a comfortable position to respond to requests to buy dollars. We have sufficient reserves, and soon we will launch a mechanism to ensure that only real travelers get the dollar."

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