Replacing the Iraqi dinar with the dollar

Replacing the dinar with the dollar  link Finally, the Central Bank of Iraq announced in a statement last week that “the coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers.” Financing foreign trade will be directly for merchants dealing in remittances outside the electronic platform, through licensed banks that will deal with correspondent banks in foreign transfer operations and in the local currency of the country from which the merchant wants to import. Then the dollar auction will be gradually dispensed with and the central bank will intervene to control the exchange rate through a shift in its tools. Cash, which will be more effective in achieving monetary stability, due to the expected decline of the so-called black market and the emergence of a real parallel market that will effectively contribute to financing the total demand for foreign currencies after the local currencies of the trading countries are traded within the parallel market following the opening of transfer channels for those currencies in a way Official. Thus, we will witness a new phase in which exchange rates will be more stable than the phases witnessed in previous years if dollar smuggling operations are controlled, which is expected to decline automatically with the decline of the dollar supply on the black market.