Al-Khalidi: Raising the dollar exchange rate has disrupted the market and bank transfers.
Al-Khalidi: Raising the dollar exchange rate has disrupted the market and bank transfers.
10-8-2026
Information/Special..
MP Aqeel Al-Khalidi confirmed on Thursday that the decision to raise the price of the dollar caused great confusion in the market, bank accounts and commercial transfers, noting that there are transfers submitted during the months of August and September whose amounts were frozen, despite the goods entering Iraq, which represents a major problem for traders and banks.
Al-Khalidi told Al-Maalomah that “raising the dollar exchange rate has caused significant disruption in the market, bank accounts, and commercial transfers.” He explained that “commercial transfers submitted during August and September have had their funds frozen, even though the goods have already entered Iraq, creating financial and banking difficulties for merchants.”
He added that “the volume of transfers currently held in banks is estimated at around one and a half billion dollars,” warning that “continuing to address the repercussions of the decision in this manner could exacerbate the disruption in commercial and banking transactions.”
Al-Khalidi pointed out that “the decision to raise the dollar exchange rate has also impacted the purchasing power of citizens,” noting that Iraqi employees have lost about 18 percent of the value of their salaries. He emphasized that “these measures were not adequately studied.”
He stated that “Iraq could have benefited from the experiences of neighboring countries, such as Kuwait, Saudi Arabia, and Jordan, which have maintained the stability of their currencies despite crises and difficult economic conditions,” indicating that “addressing economic crises should not focus directly on the value of the currency and employee salaries.”
Al-Khalidi explained that “some of the measures taken to address economic crises involve raising interest rates or resorting to public treasury tools, instead of burdening employees and citizens with the cost of the solution,” noting that “the policy followed in Iraq is moving in the opposite direction.”
He pointed out that “the first solution resorted to when a financial crisis occurs is raising the price of the dollar, which affects the value of salaries and the purchasing power of citizens,” calling for the adoption of other economic solutions that do not make employees and citizens the weakest link in facing financial crises.
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