Shafaq News/ Kurdish MP Soran Omar made severe allegations, implicating "senior officials" in smuggling foreign currency out of Iraq.

In a press conference held today, Saturday, Omar pointed out that this illegal activity contributes to the recent rise in the dollar price, adversely impacting the Iraqi economy.

Omar asserted that the increasing value of the dollar can be traced back to certain banks participating in the currency auction. He emphasized that a substantial portion of foreign currencies obtained through these auctions is not being utilized for local transactions but rather being illicitly moved out of the country by a network of banks, some of which have branches in the Kurdistan region.

The MP warned of the dire consequences if the Central Bank of Iraq fails to curb these smuggling operations effectively. He expressed concerns that the continued unchecked illegal outflow of foreign currency could endanger the stability of the Iraqi currency, similar to the experiences of other countries that faced economic collapse due to currency devaluation.

He underscored the urgent need for practical and bold measures to address this critical issue promptly. Failure to do so, he asserted, may lead to severe repercussions for the already fragile Iraqi economy.