Economist: Iraq is able to overcome the dollar crisis through these measures
Economist: Iraq is able to overcome the dollar crisis through these measures
7-27-2023
Information / Baghdad…
Economic affairs researcher Muhammad Al-Saadi explained, on Thursday, that there is a possibility to bypass the issue of the dollar’s high exchange rate in the local markets by diversifying trade sources and opening new windows for trade cooperation with other countries.
Al-Saadi told Al-Maalouma, that “there is a demand to buy the dollar in the parallel market by many merchants, at a time when the Ministry of Commerce can import most of the goods and merchandise in the markets and sell them to merchants at the price of the importer,” pointing out that “this matter The merchant is far from paying customs duties.
He added that “trade, if it imports goods and sells them to merchants, it will avoid this segment of going towards outlets selling currency to obtain dollars from the parallel market in case there is difficulty in obtaining it at the official price.”
And he indicated that “the government can open new windows for trade with the countries of the world and push traders towards it through the conclusion of agreements away from the use of the dollar as a basic currency in foreign transactions.”
Al-Saadi indicated, “It is possible to use oil to be a substitute for hard currency, so that Iraq has a balance in other countries that can be used in commercial matters.”
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