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Experts: Dollar stability depends on creating a “new platform” with Iran and Syria

7/31/2024

Baghdad: Ahmed Al-Janabi 

 

Financial and economic experts believe that the stability of the dollar exchange rate depends on creating a new platform for trade with Syria and Iran, and dealing with countries banned from the dollar in another currency. 

Like the euro or the Chinese yuan.

The exchange rate yesterday in the parallel market was recorded at 149 thousand dinars for every 100 dollars, although the official rate at the Central Bank is 132 thousand dinars for every 100 dollars. Economic researcher Mustafa Al-Faraj said in a statement to “Sabah” that “the parallel market for the dollar is facing great pressure 

By traders and travelers to Iran, Syria and other countries banned from using the dollar,” noting that “this increases the demand for the dollar and thus prices rise.”

He pointed out that "the solution to this problem lies in finding a new platform with these countries and dealing with them in a currency other than the dollar, such as the euro and the yuan, with the importance of finding an appropriate formula for the US Treasury Department to remove sanctions from our banking sector." 

Al-Faraj explained that “Iraq lacks economic diversity and is completely dependent on oil, which has weakened other economic sectors,” explaining that supporting the productive sector can limit the drain on hard currency for imports. 

For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar, explained: 

Kuran said that “the rise of the dollar this time is not linked to a political or economic crisis or external factors, but rather is linked to the measures of the Central Bank of Iraq, and it is possible that the bank will control this.” 

Height".

The Central Bank called for "taking measures that could reduce the dollar shortage in local markets."

In addition, economic researcher Alaa Al-Fahd expected the dollar exchange rate to gradually decrease in the coming days, explaining that this increase is common with the implementation of any new policy by the Central Bank of Iraq, as speculators try to exploit this in order to increase their profits.

He added, "The Central Bank of Iraq has discussions and procedures with the US Federal Reserve in order to control the exchange rate in the parallel market, and we hope that these discussions will yield positive results." 

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