Baghdad | October 27, 2025
Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, said on Monday that the recent rise in the U.S. dollar exchange rate is primarily caused by traders turning to the parallel (black) market to secure hard currency for imports.
In a statement to dinaropinions.com, Al-Kadhimi explained,
“Most traders are resorting to the parallel market to obtain dollars. This growing demand has pushed up exchange rates and widened the gap between the official and market prices.”
He noted that the Central Bank of Iraq (CBI) and the Ministry of Finance must step in to streamline banking procedures for legitimate importers, allowing easier access to foreign currency through official banking channels.
“Facilitating transactions for real traders and controlling capital movement through licensed banks will reduce the need for black market dealings,” he said.
Al-Kadhimi warned that if the situation continues unchecked, Iraq could face greater inflationary pressure and rising prices in local markets.
He emphasized that the Parliamentary Finance Committee is monitoring the issue closely, working with economic authorities to stabilize the exchange rate and protect consumers from further repercussions of the dollar’s rise.
Summary:
- Dollar rate climbs as traders turn to black market.
- Parliamentary Finance Committee urges easier bank access for importers.
- Lawmaker warns prolonged dollar pressure could drive up local prices.
