Baghdad exchange offices closed amid arrest fears
Shafaq News / Currency exchange office owners in Baghdad closed their doors on Thursday due to fears of arrest and asset seizure by the authorities, who accuse them of engaging in unauthorized trading, selling above official rates.
According to Waad Al-Dulaimi, one of the office owners, the dollar's price has become uncertain in the markets due to the absence of a parallel market, where its trading is restricted to official rates, leading other exchange shops that opened to refrain from buying or selling dollars out of fear of arrests.
Al-Dulaimi criticizes the government's approach to the dollar issue, as it has disrupted the markets and worsened the situation, warning that the government's handling will likely increase the dollar's price instead of reducing it.
The exchange rate of the dollar soared to over 156,000 dinars following US sanctions imposed on 14 Iraqi banks accused of smuggling dollars abroad before slightly decreasing to 151,000 dinars.
The Central Bank aims to increase its dollar sales to meet local demand in the parallel market by involving deprived exchange companies in the official currency window and increasing travelers' dollar allowance from 2,000 to 3,000 dollars.
