The Sudanese wants to end internal dealings with the dollar, and “dollarization” has been a legacy since 1982.. His advisor

The Sudanese wants to end internal dealings with the dollar, and “dollarization” has been a legacy since 1982.. His advisor

On Thursday, Mazhar Muhammad Saleh, the financial advisor to the Prime Minister, revealed the priorities of the national project initiated by Prime Minister Muhammad Shiaa Al-Sudani to tackle fluctuations in the dollar. He stated that the project’s ultimate objective is to eliminate the practice of “dollarization,” which refers to using dollars instead of dinars for internal transactions. This legacy practice has existed since 1982 and must be ended to ensure monetary sovereignty.

Saleh issued a statement to the official agency, which was later reported by Network 964.

The process of organizing external transfer requests by banks needs to consistently meet international compliance standards for due diligence.

Certain Iraqi banks still fall short of the required global standards, as they act as intermediaries in the purchase of foreign currency for the commercial community. Due to this, some requests are being rejected, leading to a surplus demand, which may result in illegal financing in the informal secondary market.

The current economic policy is aimed at maintaining price stability by ensuring a consistent supply of commodities at stable prices. This is part of a national initiative launched by the Prime Minister to safeguard the standard of living and protect citizens’ real income from price fluctuations.

The government has partnered with the private sector to introduce four new baskets aimed at enhancing the range of goods available. These include a food basket, a pharmaceutical basket, a building supplies basket, and a reserve materials basket which contains commonly used items, particularly in the transportation sector.

It is crucial to safeguard Iraq’s monetary independence and eliminate the practice of using foreign currencies to assess domestic transactions. Dollarization has been a long-standing issue since 1982, and using the dollar for internal settlements, purchasing and selling of goods, services, renting, and contracts within the national economy is illegal. It is important to end this practice to ensure compliance with the law.