New Threat for Iraqi Economy Due to Continuous Rise in U.S Dollar Price

After continuous rise of the U.S dollar in Iraqi local markets against Iraqi dinar currency was due to imperfect solutions and methods from the Iraqi Central Bank. A number of economic and financial specialists had warned about the continuous rise in the exchange rate of U.S dollar against Iraqi dinar. They indicated that it would lead to the disastrous condition for the local currency and expected increase in the inflation rate in the Iraqi markets, and it will create more critical economic crisis in the country. The current exchange rate of the U.S dollar against Iraqi dinar currency in the Iraqi local market was recorded at 1300 Iraqi dinars purchase price and 1310 Iraqi dinars selling price per U.S dollar.

New Threat for Iraqi Economy Due to Continuous Rise in U.S Dollar PriceA famous economist Adel Mandalawi said that continuous rise of the U.S dollar in Iraqi local markets is showing a sign that new economic crisis would hit the country by increasing inflation rate in the Iraqi local markets. He added that Iraqi Central Bank has lost its control in managing & maintaining the price of U.S dollar against Iraqi dinar currency. The Iraqi dinar exchange rate against the U.S dollar was fixed at 1240 Iraqi dinars per U.S dollar, in spite of the daily auction sale at the CBI. He pointed out that there are unhelpful & motiveless monetary policies at the Iraqi Central Bank and cash reserves at CBI also fell dramatically. He also warned that continuous rise in the price of U.S dollar could reach at 1500 or 2000 Iraqi dinars per U.S dollar in case of not taking essential & emergency mechanisms to control the situation.

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