The Chamber of Commerce expects the parallel market to fall below 150 thousand dinars per 100 dollars


The Chamber of Commerce predicted on Thursday that within three months, the dollar exchange rate on the black market will drop to 150,000 dinars for every $100.

“The level of currency smuggling has decreased at a significant rate, in addition to the involvement of quite a few companies, merchants, and commercial institutions in the electronic platform, not to mention the transition of many to electronic payment, which has contributed to reducing the pressure on the economy,” stated Muhammad Al-Tamimi, the head of the Diyala Chamber of Commerce, in an interview. Thus far, the rates in the parallel market are favorable.

He was anticipating that “the parallel market for the dollar exchange rate will fall below 150 thousand dinars per 100 dollars within 3 months, especially since the Central Bank’s measures have begun to bear fruit despite the presence of some observations and loopholes,” adding that “the power of speculation will decrease in light of the improvement of financial measures.”

He said that “the dollar problem in Iraq is affected by the external conditions surrounding it, not to mention the fluctuations of the unstable oil market in terms of prices, but in general, the parallel market is moving in a less volatile direction compared to the year 2023.”

Over the previous several weeks, there has been a minor fall in the dollar exchange market. It increased swiftly, but within bounds, to hover at 153–152 thousand dinars per $100.