Al-Sudani takes Measures to address Iraqi Dinar Fluctuation

By John Lee.

On Sunday, Prime Minister Muhammad Shia Al-Sudani chaired a meeting with the Federation of Iraqi Chambers of Commerce to discuss the causes of the fluctuations in the Iraqi dinar exchange rate, and their impact on citizens.

The meeting aimed to develop decisive solutions to stabilize the exchange rate and limit damage to the national economy.

In attendance were the Governor of the Central Bank of Iraq (CBI), as well as the general managers of border crossings, taxation, customs, and trade fairs.

Based on the Prime Minister's directives and the information presented at the meeting, the following decisions were made:

  1. Opening a new window for small traders to sell foreign currency through the Trade Bank of Iraq (TBI).
  2. Providing the Central Bank of the Trade Bank of Iraq (TBI) with an additional $500 million for the purpose of opening 'documentary credits' for small merchants.
  3. Facilitating the import of goods and merchandise for companies registered with the Companies Registration Department in the Federal Ministry of Trade, as well as factories registered with the General Directorate of Industrial Development and investment projects, individuals and offices registered with the Iraqi Chambers of Commerce.
  4. Streamlining import procedures, reducing requirements for opening documentary credits, and canceling delay fines on importers imposed by the General Authority for Taxes.
  5. Inviting the Chambers of Commerce and the Federation of Industries to the Ministerial Council for the Economy to represent the private sector.
  6. Holding weekly meetings to follow up on developments and implement decisions.
  7. Inviting the Real Estate Registration Department, Registrar of Companies, Industrial Development, Investment Authority, and Rafidain and Rasheed Banks to the meeting.

The Prime Minister emphasized that addressing fluctuations in the local market is a shared responsibility with an ethical and patriotic dimension, and that everyone must respond to it, whether in the private or public sector.

He also stressed the need to reconsider the work of the General Tax Authority, ensure that its work is in accordance with standards of integrity and the law, and that the government will not tolerate any harm to citizens.

He expressed the government's seriousness in carrying out economic reforms and addressing the deterioration and regression caused by previous wrong decisions.

(Source: Govt of Iraq)

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