The President of the Diyala Chamber of Commerce, Mohammed Al-Tamimi, confirmed on Tuesday, September 10, 2024, that changing exchange rates will create the problems of the deep state that manages state smuggling outside the borders of Iraq.
Al-Tamimi told Baghdad Today that “the capital market suffers from great challenges and is exposed to vibrations at any moment, especially since its control capabilities are limited in most axes, with the dollar smuggling remaining until the moment, which has become a lifeline for the names of destinations representing the deep state in the country in order to perpetuate its power.”
He added that “the recent rise in the parallel market came due to speculation and the publication of shadowy news in addition to the presence of names that control a large part of liquidity,” pointing out that “talk about the Central Bank’s resort to changing the dollar exchange rates is still speculation, and if what happens, it will lead to serious problems.”
He pointed out that “without adjusting the rhythm of smuggling, the difference between the official and parallel price will remain high,” stressing that “the price difference generates billions of dinars in the pockets of many parties and forces.”
It is noteworthy that a banking source reported on Monday (September 9, 2024) that confusion occurred within the foreign exchange markets, while their prices were likely to rise.
The source told Baghdad today that “the Central Bank will issue new decisions on foreign exchange prices and the way it is traded inside Iraq.”
He added that “these decisions are likely to raise the dollar exchange rates in the parallel market due to the scarcity of the currency.”
The source said that “the aim of these decisions is to reduce the smuggling of currency or its monopoly in the hands of the weak souls.”
Dollar exchange rates witnessed a new rise in the two main exchanges and domestic markets for the second day in a row.
