Representative Hussein Habib outlined the most critical strategies to stop the dollar’s dominance in Iraqi markets on Saturday.
Habib said in an interview with the newspaper “Al-Ma’louma” : “There are several steps to end the dominance of the dollar in Iraqi markets, the most prominent of which is reviving the national industry in all its dimensions in order to fill the large void in the import balance, especially since the largest percentage of the markets’ needs depend on abroad, even for the simplest matters.” , which includes crops such as wheat.
“Restoring industry and agriculture in accordance with a vision that includes three dimensions: sufficiency, development, and achieving leaps in the balance of exports and imports will reduce dependence on the dollar at high rates, ensuring an end to its dominance,” he said. However, the issue necessitates broad perspectives, the most important of which is providing means of assistance for the expansion of industry and agriculture.” Reduced financial constraints from taxes, as well as their exemption, help to attract capital and internal and foreign investments.”
He made the point that “reviving the industry does not stop reducing the dominance of the dollar, but rather providing great job opportunities, especially since the economic conditions have created armies of the unemployed in most Iraqi governorates.”
The circulation rates of the dollar in Iraqi markets for debt repayment are quite high, making it a source of price pressure.