The dollar exchange crisis is spreading beyond the markets… the citizen is the victim of the government’s war on speculators.
The dollar exchange crisis is spreading beyond the markets… the citizen is the victim of the government’s war on speculators.
10-11-2026
Information/Report…
The child on his way to school may be the most psychologically affected by rising market prices, as he cannot afford sweets with the meager amount of money he carries each day. The new reality forces citizens to reassess their finances after the increased financial burdens resulting from the new decisions of the Al-Zaidi government, which raised the dollar exchange rate by 15 percent. The Prime Minister justified this increase as a means to combat speculators and prevent resorting to borrowing or forced savings. Meanwhile, many political figures and economic experts have proposed alternative solutions to raising the exchange rate and further burdening citizens.
Member of Parliament, Ahmed Al-Shammari, told Al-Maalouma, “Reducing the number of advisors for all government officials in the Presidency, ministries, and other departments has become an absolute necessity. Their presence should be limited to what is technically and actually needed, in order to end the phenomenon of disguised unemployment within the hierarchy of power.”
He added that “the financial reform package must include a genuine reduction in the salaries and allowances of special-grade officials, and a serious review of the issue of double salaries, whether legally sanctioned or not,” while simultaneously emphasizing “the importance of limiting and regulating government delegations, both domestic and international, which consume enormous sums from the general budget.”
For its part, the Rights Bloc presented an initiative aimed at financial and economic reform in Iraq, calling on the government to “reduce and rationalize the public expenditures allocated in the 2027 draft budget law, amounting to 217 trillion dinars, and to eliminate fictitious expenditures for some ministries and departments, such as office furniture replacement and miscellaneous expenses, reducing them to 150 trillion dinars.”
It stressed the necessity for “the Iraqi government, the Central Bank, and financial institutions in Iraq to take the necessary measures to release Iraqi funds generated from the sale of crude oil in global markets and to prevent purchasing countries from being obligated to deposit these funds with the US Federal Reserve. This can be achieved by granting Iraq full authority to transfer these funds in any other foreign currency and to any banking institution other than the US Federal Reserve.”
She pointed to the importance of “the government taking action to withdraw a portion of the Central Bank of Iraq’s reserves deposited in the US Federal Reserve in the form of financial bonds, in order to address the shortage of US dollars in Iraqi markets amidst high demand, and to mitigate the negative effects of the rising exchange rate of the US dollar against the Iraqi dinar.”
She also stressed the importance of “diversifying the accounts used to deposit proceeds from crude oil sales with foreign countries by opening other Iraqi accounts in these countries in euros, yuan, or other currencies, and not relying solely on the current account in US dollars.”
In a related matter, MP Mohammed al-Hasnawi, from the parliamentary Rights Bloc, explained that he intends to file a lawsuit today, Sunday, before the Federal Court to challenge the Cabinet’s decision to raise the exchange rate of the dollar against the Iraqi dinar.
almaalomah.me
