MP: Private banks are among the biggest beneficiaries of the rise in the dollar exchange rate
MP: Private banks are among the biggest beneficiaries of the rise in the dollar exchange rate
10-10-2026
Information/Baghdad…
MP Thaer Jassim, from the National Approach parliamentary bloc, confirmed on Saturday that private banks are among the main beneficiaries of the rising dollar exchange rate. He pointed out that the decision to raise the exchange rate has caused disruption in local markets and a surge in commodity prices.
Jassim told the Information Agency that “the rise in the dollar exchange rate has directly impacted market activity and prices, placing additional burdens on citizens, especially those with limited incomes, amidst the increasing cost of living.”
He added that “private banks were among the biggest beneficiaries of the exchange rate increase,” calling for “highlighting the repercussions of these decisions on the market and the banking sector, and their impact on citizens’ purchasing power.”
Concurrently with the decision to raise exchange rates, the Central Bank of Iraq decided to increase its sales of foreign currency to private banks from $800 million to $1 billion per month, with the aim of facilitating trade.
According to the calculation, exchanging one billion dollars at an exchange rate of 10 dinars per dollar translates to a total loss of 10 billion Iraqi dinars per month from the exchange rate difference alone, without factoring in costs and commissions.
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