The Federation of Chambers of Commerce put forward a proposal to end the “dollarization” of the car market in Iraq
The Federation of Chambers of Commerce put forward a proposal to end the “dollarization” of the car market in Iraq
3-6-2023
Information / Diyala..
On Monday, the Federation of Chambers of Commerce in Diyala submitted a proposal to end what it called dollarization of the car market in Iraq.
The head of the union, Muhammad Mulla Jawad, said in an interview with Al-Maalouma, that “the dollarization of the markets for buying and selling cars in Iraq began after 2005 and became absolutely controlled after 2010, as it is a financial standard for valuing cars of all kinds around the country and the decline in the use of the dinar.”
He added, “The car market attracts 30% of the pressure on the US dollar and pushes to increase its exchange rates, which amounted to approximately 156 thousand per $ 100 today, which is much higher than what was set by the Central Bank of Iraq.”
He pointed out that he “submitted a proposal to end the file of dollarization of car markets in Iraq through 3 tracks. The first is to secure the dollar for foreign import at central bank prices and impose regulations on companies, merchants and exhibitions in adopting the dinar in internal buying and selling, in addition to converting contracts into dinars.”
And he considered that “ending the dollarization of car markets will lead to a significant reduction in the rates of demand for buying dollars and lead to a balance of supply and demand in all Iraqi markets.”
The Iraqi markets are experiencing strong pressure on the dollar, which led to an increase in exchange rates at very high rates that raised public concern due to the high basic prices.
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