The exchange rate of the US dollar has been witnessing increases for regarding several weeks in the Iraqi markets, so that the exchange rate of 100 US dollars has reached more than 150,000 Iraqi dinars, an increase of regarding 3 dollars (equivalent to 4,500 dinars) over the approved exchange rate that was approved by the Central Bank of Iraq. And its fluctuations are directly reflected in the prices of basic and luxury goods and materials, and some banking offices revealed that the deprivation of some banks to enter the currency auction and the new instructions of the Central Bank are behind the rise of the dollar once morest the Iraqi dinar, as the Central Bank stopped 14 banks from entering the currency auction, in addition to To stop dealing in “dollars” with four banks for audit purposes whose names are linked to corruption files, it was decided last November 6, as the government confirms its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar once morest the Iraqi dinar, and it supports the steps of the Central Bank, For better stability of exchange rates, and the most important thing is to control the exchange companies and the parallel market until it becomes clear who is working to buy the dollar from the unofficial outlets, and to be able to track the banks involved in taking out the dollars t from Iraq without investing it in goods or services inside Iraq, the bank’s new instructions, which will be applied on the first of next January regarding obtaining currency in the bank’s auction, which will also include exchange offices, is to apply through the electronic platform and directly to the Central Bank to be able to Reveal all the names that are being sold to by these banks and exchange offices. These instructions are rejected by banks and exchange offices. It is expected that the dollar will rise above 1,500 dinars during the coming period. While the central bank seeks to adjust the exchange rate of the dollar to ensure financial stability in the Iraqi markets, observers see And experts say that the price will not quickly return to the threshold of 147 thousand dinars prevailing over the past two years, and that the price will often stabilize at the threshold of 150 thousand dinars and above.
The Central Bank of Iraq is working to pump money into the market to face the scarcity of the dollar in it, and to allow banking companies to buy the dollar from it in larger quantities to cover the shortfall, which requires at least a week for its results to show the brakes for greater increases,, so the citizens have great concern because of their weak confidence in the first place With the ability of monetary policy to control the matter and prevent the exploitation of this rise, as happened, for example, at the end of 2020 when Iraqi officials were denying the last moment that there had been any change in the exchange rate of the dollar, but they suddenly changed it from regarding 125 thousand dinars to 146 thousand for every 100 dollars. Unfortunately, many merchants see such hikes as a golden opportunity for them to raise prices and take advantage of price turbulence and variation, amid rumors that the price may reach 160,000 dinars for every 100 dollars.
Some economists emphasized that among the important measures of the Central Bank of Iraq is preventing several banks from entering the currency sale auction following warnings from the US Treasury Department, which was reflected in the decline in the volume of the dollar sold in the currency sale auction, and the banks are private Iraqis from the currency sale auction (Al-Ansari, Al-Sharq Al-Awsat , Al-Qabid, and Asia) accused of smuggling currency. And it acquired nearly 40% of the central bank’s sales of the dollar, which tightened the procedures around private banks for Iraqi funds before they bought the dollar so that they would be safe from the new central bank procedures, which was reflected in the fluctuation of the exchange rate of the dollar on the black market to the disruption of the country’s commercial movement. But it is temporary, and the coming period will witness stability in the exchange rate, but it depends on the success of these measures to eliminate financial and administrative corruption
The government must broadcast messages to increase the reassurance of consumers and ensure that they are not burdened with large increases in the prices of basic materials and commodities, by working to remedy what is happening and trying to control this fluctuation in the price of the dollar in the Iraqi market, which is reflected in commodities prices and their manipulation. This rise was directly reflected in the prices of Materials, even those stored in quantities in stores and stores, which were purchased according to the previous dollar price before this wave of rise, which reflects greed and exploitation of the crisis by many wholesale and retail stores.
It is the duty of all dealers, including investors and merchants, to cooperate with banks and the central bank by working in accordance with the commercial contexts in force globally, and importing under documentary credits, as it provides a guarantee for the importer, preserves his rights, secures the imported goods, and enables him to benefit from banking facilities to cover the value of the credit. To prevent commercial fraud and smuggling, to develop investment in Iraq in a way that serves the citizen and the economy
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