On Monday, the Finance Committee of the Iraqi Parliament said that the volatility and rise in the exchange rates of the US dollar were “not affecting the local markets,” while revealing measures to diminish the demand for the dollar on the black market.
Moin Al-Kadhimi, a committee member, informed Shafaq News Agency that the Iraqi government meets 80% of the market’s demands for imported commodities, living benefits, and tourists’ wants for dollars through the currency sale window at official pricing (1,320 dinars).
According to Al-Kadhimi, the reasons for the increase are merchants’ demand for 20% of the general needs of the Iraqi market to purchase products from countries that are not authorized to trade in dollars, which is the most important cause for the growth in the price of the dollar.
Al-Kadhimi emphasized that the government is undertaking ongoing efforts and strategies to eliminate the demand for the dollar in illegal markets, preserve exchange rate stability, and secure all fundamental dollar needs.
Al-Kadhimi assured that the rise and volatility of current dollar exchange rates has no effect on the Iraqi market, emphasizing that products trade proceeds smoothly.