Shammari believes that “this measure — which aims to control the dinar exchange rate against the dollar — is no longer effective due to the daily, increasing gap between what the CBI offers in the auction and the actual market need.”
Haider al-Abadi, head of the Parliamentary Finance Committee, confirmed having “received reassuring messages from CBI officials on controlling the exchange rate fluctuation.” Abadi said that the CBI took measures enabling citizens to obtain foreign currency from public and private banks, including transfers for travel or treatment. He reiterated, “The problem is limited to the gap between supply and demand for US dollars in the Iraqi market.”
The CBI holds daily sessions to buy and sell foreign currency with the participation of Iraqi banks, except for public holidays, during which the CBI suspends these auctions. The sales can be either in cash or in the form of overseas transfers for a commissioning fee.
Omar al-Shaher is a contributor to Al-Monitor’s Iraq Pulse. His writing has appeared in a wide range of publications, including France’s Le Monde, the Iraqi Alesbuyia magazine, Egypt’s Al-Ahaly and the Elaph website. He previously worked for Al-Mada, covering political and security affairs, and as a correspondent for the Kuwaiti Awan newspaper in Baghdad.