Muhammad Al-Najjar, Advisor to the Prime Minister for Investment Affairs, said on Wednesday that stability will return to the parallel market exchange rates of the dollar against the Iraqi dinar within two months.
He stated during the seventh session of the “Miri” Forum, titled “The Sudanese Government… Pledges, Progress, and Prospects,” that the disruption in dollar exchange rates is not a result of coincidence, but rather a legacy dating back almost to the beginning of the war with the Iranian-Iraqi in the 1980s. He goes on to say, “A short period of time ago, the pattern of dealing with banks with regard to the dollar changed.”
He added that what is occurring in this change and process is that we are attempting to restore everything to the global system, which all Iraqi governments were late in acting on, and some of them entirely rejected the demands directed, which are in fact true.
Al-Najjar also stated that what we were supposed to accomplish in six years, we are attempting to accomplish in one year, which has had a significant impact on the exchange rate of the dollar, adding that the second thing that happened was the presence of major corruption within a group of banks and banking companies, which led to… Smuggle dollars.
“The question asked is: Will the dollar price continue to rise?” the government advisor concluded. Yes, this rise may continue for a while, but we think that within a month or two, exchange rate stability will begin, because 70 percent of trade in Iraq has switched to an electronic platform.