It caused the dollar crisis.. Is the government able to end the “dollarization” phenomenon?
It caused the dollar crisis.. Is the government able to end the “dollarization” phenomenon?
3-14-2023
Information / special.
Today, Tuesday, the economic expert, Nabil Jabbar, explained the extent of the current government’s ability to end the “dollarization” phenomenon, while stressing that the phenomenon is one of the causes of the dollar’s rise in the Iraqi markets.
Jabbar said in an interview with Al-Maalouma, “The phenomenon of dollarization means the spread of the dollar in the market and dealing with the dollar individually in the internal local market, although our currency is the Iraqi dinar, and all our work in the market is in dinars, and this step does not harm the citizen at all.”
He added, “The central bank’s move to prevent the use of the dollar in ATMs and electronic payments comes as part of the Iraqi government’s efforts to end the phenomenon of dollarization.”
The expert explained, “The Iraqi government previously worked to ensure that the receipt of remittances through companies is only in Iraqi dinars, and now dealing with automated teller machines is only in Iraqi dinars.” It is likely that “there will be a step in the coming days to make all personal bank accounts only in Iraqi dinars, and this is it.” Part of ending the phenomenon of dollarization in the local market.
Jabbar stressed, “This matter is in effect in all countries of the world, and any country that works in dollars will negatively affect its economy, and that is why all countries are working to adopt their official currency only.”
And the Central Bank decided, at a time of race, and based on the decision of the Council of Ministers, that the electronic financial services provided inside Iraq through “automated teller machines, points of sale devices, and electronic payment gateway”, shall be in the currency of the Iraqi dinar.
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