The dollar continues to rise… An economist reveals the reasons behind the difference between the official and parallel market exchange rates.
The dollar continues to rise… An economist reveals the reasons behind the difference between the official and parallel market exchange rates.
11-8-2026
Information / Baghdad ..
Economic expert, Dirgham Al-Haidari, attributed on Sunday the current rise in dollar exchange rates in local markets to a number of direct and indirect factors.
Al-Haidari told Al-Maalomah News Agency that the tightening of US sanctions on Iran has led to increased demand for dollars to finance trade, coinciding with the decision to reduce the currency exchange allowance for travelers from $3,000 to $2,000. This has forced patients and tourists to resort to the parallel market to meet their financial needs, exacerbating the cash shortage.
He added that the withdrawal of Al-Taif Bank, which served as a vital gateway for dollars entering through the Western Union network, has significantly impacted market activity. He also pointed to the possibility of a deliberate and planned manipulation of the exchange rate to generate substantial profits for banks that have not been sanctioned.
The local financial markets in Iraq are experiencing continuous fluctuations in exchange rates due to the strict restrictions imposed by the US Federal Reserve on foreign transfers. This comes amidst ongoing parliamentary and economic criticism of the electronic platform’s mechanisms, which experts believe have failed to curb the parallel market and have widened the gap between the official and local exchange rates.
almaalomah.me
