Expert: Iraqi economy is stable despite changes in the dollar market
Expert: Iraqi economy is stable despite changes in the dollar market
1-1-2025
Information / Baghdad..
Economic expert Safwan Qusay confirmed today, Wednesday, that the Iraqi economy is stable despite the changes in the dollar market.
Qusay said in an interview with Al-Maalouma Agency, “The Central Bank of Iraq announced the termination of the electronic platform for banking transactions starting from the beginning of the new year, after notifying all Iraqi banks of the cancellation decision early on.”
He added that “13 Iraqi banks were able to adapt to this change, as they expanded their dealings with real merchants, so that the percentage of transfers and credits that take place through direct relations between Iraqi banks and supplier banks reached more than 95%.”
He explained that “these operations are carried out in accordance with strict compliance standards that ensure knowledge of suppliers and payment mechanisms.”
He continued, “As for the 5% of transfers that were made through the electronic platform, traders who wish to continue import operations at the official price can open bank accounts within these banks.”
He pointed out that “the Central Bank issued a circular on September 30th allowing traders to import directly after opening bank accounts, without the need for a waiting period that previously extended to six months.”
He explained that “the market may witness some fluctuations, but he ruled out the possibility of achieving large profits from importing irregular goods, in light of the Iraqi economy, which relies heavily on the dollar and its high value globally.”
He pointed out that “the Iraqi economy will not face major concerns as a result of this change, stressing the importance of adhering to banking procedures to ensure market stability and facilitate import operations.”
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