PARLIAMENT ANNOUNCES THE CONTAINMENT OF “IRAQ’S MOST DANGEROUS ECONOMIC FILES” AND TALKS ABOUT REDUCING THE PRICE OF THE DOLLAR
Member of the Parliamentary Finance Committee, Mudar Al-Karawi, said today, Tuesday (March 5, 2024), that the government has achieved good success in containing the most dangerous Iraqi economic files represented by reducing the value of dollar prices and limiting its rise again.
Al-Karawi explained to “Baghdad Today” that, “For years, the dollar in the parallel markets has been a source of wealth for some and a drain on the country’s resources in various ways, especially with smuggling, which now threatens Baghdad’s economy and pushes the dinar to collapse repeatedly, which puts pressure on the markets and pushes the country into the maze of sanctions.”
He added, “The government’s measures have achieved a glimmer of hope in confronting and containing the most dangerous economic files by reducing the value of the dollar and stopping its rise, even by limited rates, but they have given strength to the dinar and dealt with a good percentage of the smuggling file and seeking to end the dollarization file in the markets and move to electronic payment.”
Al-Karawi pointed out, “dollar was and still is the supplier to the deep state and some corrupt people All the government’s measures face obstacles in different ways because the and those who have lived off crises to increase their wealth in various ways,” pointing out that “strengthening the strength of the dinar and closing the smuggling loopholes will harm the interests of many at home and abroad, and thus parties will move.” “There is a lot to sabotage citizens’ joy in the existence of correct economic paths that contribute to saving the economy and pushing it to recovery after lean years.”
He continued, “Government measures are moving in the right direction despite the side pressures, but they provide incentives to achieve economic growth and ensure the development of solutions to the issue of smuggling, corruption, and the depletion of hard currency in various ways.” Last Sunday (March 3, 2024), Prime Minister Muhammad Shiaa Al-Sudani confirmed that lowering the exchange rate means giving the dollar to “illegitimate” trade.
Al-Sudani said during his participation in the opening of the activities of the Al-Rafidain Dialogue Forum in Baghdad, “The financial situation in Iraq is at its best and 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,” pointing 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,” noting 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 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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