On Saturday, Representative Hussein Habib outlined the essential measures to reduce the dollar’s dominance in Iraqi markets.
In an interview, Habib mentioned several steps that need to be taken to reduce the dominance of the dollar in the Iraqi markets. The most significant of these is to revive the national industry in all its dimensions in order to address the large deficit in the import balance. This is especially important since the majority of the markets’ needs are currently being met through imports, even for basic necessities like agricultural crops.
He said that restoring industry and agriculture is crucial and can be achieved by focusing on three main dimensions: sufficiency, developing production to improve the balance of exports and imports, and reducing dependence on the dollar. This would lead to the end of the dollar’s dominance. However, it is important to take a comprehensive approach, which includes providing support for the advancement of industry and agriculture. To attract capital and internal and external investments, it is necessary to reduce financial burdens from taxes and offer exemptions.
He noted that reviving the industry requires reducing the dominance of the dollar and providing job opportunities, especially in areas with high unemployment rates.
The circulation rates of the dollar in Iraqi markets for debt repayment are excessively high, resulting in price pressure.