On Wednesday, Jamal Cougar, a member of the Parliamentary Finance Committee, stated that the dinar’s value is expected to rise against the dollar once the federal general budget is implemented.
According to Cougar, the Iraqi dinar will experience a gradual recovery, and its value will decrease significantly compared to the dollar. He also highlighted that the government would need to sell substantial amounts of dollars to secure the payment of employees’ salaries in dinars.
He explained that the dollar’s exchange rate in the parallel markets is determined by supply and demand. With the implementation of the 2023 budget, an influx of money will result in a greater demand for the dollar, and consequently, its price will increase. He further noted that once the budget is implemented, the dollar exchange market will be stable and reach the official price set by the Council of Ministers.
Representative Mudar Al-Karawi from the Parliamentary Finance Committee stated earlier to Al-Malooma that a 4-point plan had been devised to control the black-market exchange of dollars.