For the first time, dollarization decreased by 20% in Iraqi markets, 17 MARCH

 For the first time, dollarization decreased by 20% in Iraqi markets

The Chamber of Commerce supported a 20% decline in dollarization in Iraqi markets by 2024.

Muhammad Al-Tamimi, the chairman of the Diyala Chamber of Commerce, stated in an interview that “the dollar has turned into the most important trading currency and has the most influence in setting price rules in Iraqi markets.” In recent years, as a result of long-standing blunders and accumulations.”

He continued, “The variables of dealing with the parallel market and aiming to regulate the phenomena of dollarization in Iraqi markets have begun to succeed in reversing the trend towards the dinar, resulting in a 20% decrease in dollarization in the markets by 2024. This is a highly critical issue. Its most notable consequences are the relative stability of the currency rate notwithstanding an increase in international commerce.

He stated that “increasing electronic transactions in exchange for state services is extremely important.” It will help to increase the state’s cash balance and provide more flexibility in paying wages, loans, and funding investment projects.

Dollarization refers to the usage of the US dollar to pay internal trade dues rather than the dinar.