The American administration continues to work hard to destabilize the internal situation in Iraq by creating many problems that it has worked on over the past period, including those related to security, economic, and even political aspects in light of its ambassador’s interference in issues outside of her diplomatic work in Baghdad.
Under the guise of continued smuggling activities, the US Federal Reserve has worked for the past two years to impose unfair circumstances aimed at devaluing the Iraqi dinar against the dollar.
The dollar selling market is in an unstable position as a result of the continual increase and decline, which has caused concern in Iraqi markets.
Representative Muhammad Al-Baldawi cited four causes of the country’s ongoing conflict.
Al-Baldawi said in an interview with “Al-Ma’louma” in which he said “the post-2003 accumulations, the security unrest, and the lack of clarity of a comprehensive vision for reviving the national economy led to the dollar becoming an influential standard in the economy, especially since all the oil sold goes to a bank account in America before it is sold.” He lands in Baghdad.
“The turmoil in the parallel market and the rise in the dollar exchange rate in recent weeks are clearly the result of four important factors,” he added, “most notably the US Federal Reserve’s delay in sending dollar shipments to the central bank and its repeated threats to impose sanctions on it as part of an American pressure policy that seeks to directly strangle the national economy.”
He stated that “the economy is a clearly defined American game that is trying, through the dollar, to raise prices and create instability in the markets,” emphasizing the “importance of reconsidering the diversification of the basket of currencies and seeking to end the file of dollarization in the markets by adopting the dinar to pay internal dues to reduce… Demand on the parallel market.”
In response, the Parliamentary Finance Committee revealed the contents of Iraq’s and America’s conversations about the price of the dollar against the dinar, while also revealing that the Central Bank of Iraq has created ways to manage the continuing rise in exchange rates.
Moeen Al-Kazemi, a member of the Finance Committee, told Al-Maalomah that “the Central Bank is making intensive efforts through its discussions with the US Federal Reserve to ease restrictions on Iraqi banks, as well as developing practical solutions to liberalize the Iraqi currency by opening outlets in most countries around the world for dealing.” Instead of the dollar, other foreign currencies are used.
He went on to say, “The restrictions imposed by the US Federal Reserve and the failure to release Iraqi funds in dollars are behind political reasons for the purpose of its dominance over countries of the world, including Iraq.”
He went on to say that “Iraq receives approximately $10 billion monthly from selling oil, but it is deposited in the US Federal Reserve, which is constantly trying to obstruct its release.”
He went on to say, “The Central Bank has taken new measures by opening multiple outlets in countries around the world that deal in the currencies of the Chinese yuan, the Indian rupee, the European euro, and the Emirati dirham.”
It is worth noting that the US sanctions are causing alarm among Iraqis, especially because no amount of government or central bank intervention has succeeded in bringing the parallel currency rate closer to the official rate.
