Iraqi Finance Committee addresses fluctuations in USD exchange rates

Shafaq News / The Iraqi Parliamentary Finance Committee addressed the recent fluctuations and increases in the exchange rate of the US dollar, reassuring that these fluctuations have not had a significant impact on the local markets. Additionally, the committee revealed plans to reduce the reliance on the dollar in the black market.

Member of the committee, Mueen Al-Kadhimi, spoke to Shafaq News Agency, stating that the Iraqi government is meeting the market's requirements for imported goods, living allowances, and travelers' needs for the US dollar through the official currency exchange window at the rate of 1,320 dinars per dollar, covering approximately 80% of the demand.

Al-Kadhimi pointed out that the remaining 20% increase in the demand for the dollar stems from traders needing to import goods from countries that are not allowed to deal with the dollar directly. This is one of the main reasons behind the rising dollar exchange rate.

He emphasized that the government is exerting continuous efforts and implementing plans to reduce the need for the dollar in the black market while ensuring the stability of exchange rates and securing all essential dollar requirements.

Al-Kadhimi also assured that the current fluctuations and increases in the dollar exchange rates have not significantly affected the Iraqi market, and the trade of goods continues smoothly.