Chambers of Commerce: The parallel market for the dollar will reach record levels

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iraq news

According to the Chambers of Commerce, the unrest is causing the parallel market price to reach 200,000 dinars for every 100 dollars. The head of the Chambers of Commerce in Diyala, Muhammad Al-Tamimi, explained that many transactions in Iraqi markets, including the buying and selling of cars, are still done in dollars. This, coupled with the loss of national industries, puts pressure on the need for foreign imports in hard currency.
According to him, the demand for dollars in the black market might increase to 200,000 dinars for every $100 due to three factors. Firstly, there is ongoing pressure to withdraw dollars. Secondly, there is budget pressure on the ministries. Lastly, large projects are being revived, which require materials, 75% of which are imported. Additionally, some travelers are not being granted their shares from the sale. As a result, the government is buying dollars directly from the black market.
He suggested implementing a comprehensive approach to regulate the parallel market, which would include mechanisms to lower prices while ensuring that essential commodities like food and medicine are available at affordable rates to avoid further harm to the underprivileged. The instability of the parallel market for dollar sales is a result of occasional speculation, leading to price hikes.

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