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Exchange rates will rise further...a warning of an imminent economic crisis due to the “coldness” of the Central Bank
November 16, 2024
Baghdad / Iraq Observer
Economic affairs researcher Ziad Al-Hashemi warned of serious economic repercussions as the deadline for stopping the dollar platform approaches after six weeks, indicating that the
Central Bank of Iraq is still dealing with the crisis coldly, which may lead to a rise in exchange rates and a scarcity of imported materials. Al-Hashemi explained in a post on the
This could cause major disruptions in the markets.” He added,
“Failing to address this file will lead to a portion of remittances going toward the parallel market, which will increase the demand for the dollar and raise its exchange rates significantly, which will reflect negatively on the prices of goods and services in the Iraqi market.” He also expected that
this would hinder the ability of a large number of merchants to import, causing a scarcity of imported goods and an increase in their prices. He pointed out that
“the Central Bank seems to be betting on a smooth transition process without problems,
but it considered this bet unrealistic in the absence of a clear plan for managing the transitional phase.” Al-Hashemi concluded his warnings by saying,
“The Central Bank has only six weeks to act and manage this crisis, otherwise delay will lead to catastrophic results that will cast a shadow on the Iraqi economy by the end of this year.”
https://observeriraq.net/اسعار-الصرف-سترتفع-اكثر-تحذير-من-ازمة/
November 16, 2024
Baghdad / Iraq Observer
Economic affairs researcher Ziad Al-Hashemi warned of serious economic repercussions as the deadline for stopping the dollar platform approaches after six weeks, indicating that the
Central Bank of Iraq is still dealing with the crisis coldly, which may lead to a rise in exchange rates and a scarcity of imported materials. Al-Hashemi explained in a post on the
This could cause major disruptions in the markets.” He added,
“Failing to address this file will lead to a portion of remittances going toward the parallel market, which will increase the demand for the dollar and raise its exchange rates significantly, which will reflect negatively on the prices of goods and services in the Iraqi market.” He also expected that
this would hinder the ability of a large number of merchants to import, causing a scarcity of imported goods and an increase in their prices. He pointed out that
“the Central Bank seems to be betting on a smooth transition process without problems,
but it considered this bet unrealistic in the absence of a clear plan for managing the transitional phase.” Al-Hashemi concluded his warnings by saying,
“The Central Bank has only six weeks to act and manage this crisis, otherwise delay will lead to catastrophic results that will cast a shadow on the Iraqi economy by the end of this year.”
https://observeriraq.net/اسعار-الصرف-سترتفع-اكثر-تحذير-من-ازمة/
