- October 27, 2023
- Posted by: legaleseblogger
- Category: Related News
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Dear friend, I hope this message finds you well. May God bless you with abundant happiness. I would like to provide you with the latest updates on the dinar, and I kindly ask you to share this information with your friends and family to support me.
Recently, there has been a noticeable silence and lack of action from the relevant authorities in Iraq regarding the continuous increase in exchange rates. In the past, when exchange rates rose, the government and the Central Bank swiftly implemented measures to address the situation. However, this time they seem to have taken a different approach, with exchange rates reaching unprecedented levels, surpassing 160,000 dinar for $100.
It appears that the authorities have accepted defeat in the battle for the dollar. Not only have they failed to implement measures to prevent the smuggling of the dollar and its rise in the market, despite previous attempts, even the statements from the Central Bank Governor, Ali al-Alak, and Prime Minister Muhammad Shia Al-Sadani, convey a sense of surrender and a lack of intervention in the exchange rate. They seem to rely solely on traders who purchase dollars from the central bank and hope that commodity prices will not increase.
Governor Ali al-Alak even stated last week during a session of the ministerial Council for the economy that the exchange rate in Iraq is primarily influenced by imports rather than local production. He mentioned that the exchange rate is tied to the price of oil, which is the main source of hard currency in the country. Additionally, he highlighted factors such as leakage of the dollar to neighboring countries, internal dealing in foreign currencies, the lack of control over ports, and smuggling. These conditions indicate that the exchange rate will continue to rise as long as uncontrolled imports and the use of dollars for oil pricing persist, as they are systemic issues that cannot be easily changed.
Furthermore, Prime Minister Al-Sadani expressed his support for certain trustworthy banks that have achieved success in addressing the dollar crisis. He also mentioned that one of the challenges they face is the lack of strong penalties and strict measures in Iraqi law against those involved in speculative activities related to the dollar exchange rate. This implies that little can be done to address speculators or the rising dollar prices.
Overall, the statements from the Iraqi authorities reflect their tendency to refrain from interfering in the dollar market, resembling a hands-off approach. This situation necessitates alternative solutions to address the issue effectively.
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