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Financial experts call for the adoption of the slogan {Our Dinar}

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Financial experts call for the adoption of the slogan {Our Dinar}

Economical 2023/08/08
Baghdad: Hussein Thaghb

Specialists in the financial affairs believe that the

return of the exchange of the dollar to its normal rates requires the
adoption of the slogan
"Our Dinar", calling

at the same time that the efforts of

government institutions
, the
private sector and the

join forces to support dealing in dinars exclusively, and to leave dollar transactions.

Financial affairs expert Suha Al-Kafa’i confirmed to “Al-Sabah” that

“the stability of exchange rates in the local market requires participatory solutions between the citizen and the merchant, as the

reality of transactions needs to be converted into the Iraqi dinar instead of the dollar for all transactions without exception, and

this will reduce the demand for the dollar, as

The trader in dinars goes to the bank to obtain dollars for the purpose of importing at a price of 1320 dinars for one dollar, and

from here it is possible to reduce the demand for dollars in the parallel market.  Al-Kafaei stressed that

"the private sector has flexibility in providing solutions that help achieve stability in exchange rates," noting that

"the matter requires achieving integration and cooperation between the private sector and the central bank." Iraqi."   And she said,

"The citizen is required to refrain from buying any commodity in dollars, and here

he must go to buy goods from a similar merchant who sells in dinars, and

thus contribute to reducing the demand for dollars, as

this mechanism leads to all merchants directing to deal in dinars, and

contributes to the non-rise in prices, as

The merchant will go to the bank to obtain the dollar at a price of 1320 dinars against one dollar, to cover his imports through the approved mechanism.  And she stressed that

"in this way, the two most important elements will abandon dealing in dollars, the

citizen who has many and varied transactions, as the country's population exceeds 40 million people, and the

merchants who represent a wide segment that leads the economy whose imports represent 95% of the local market's need, and

when dealings tend to To the dinar, we tend to achieve stability in exchange rates, provided that we refrain from buying any need in dollars.”   And she warned of

"the importance of the Ministry of Commerce raising the slogan of dealing in dinars, and escalating cases of education through seminars, conferences and the media, so that

dealings are in dinars exclusively, in support of the government's measures to achieve stability in the exchange rates of the dollar against the dinar and

at the official rate, and

there can be an active role for the development department." The private sector and the Department of Import and Export in the Ministry of Commerce, from here a campaign must be launched to deal in dinars exclusively.  And she emphasized,

"The inevitability of concerted efforts by the ministries, along with the media, to move towards dealing in dinars and

make dealing in dollars between the merchant and the bank exclusively for the purposes of financial imports," noting that

"the business family realizes that dealing at the official rates of the exchange rate is more beneficial and profitable."  Al-Kafaei pointed out that

"this mechanism will reduce dealings in the parallel market, which offers dollars at higher prices than the official price of 1,320 dinars against the dollar." the one".

In turn, the specialist in economic affairs, Silwan Al-Nuri, stressed that

"it is imperative that we turn to dealing in local dinars inside the country, and that

mechanisms be agreed upon between the private sector that offers goods and services and the Central Bank of Iraq be adopted, and that

all challenges that prevent the merchant from going to the banking system to obtain dollars to cover its foreign imports.   He pointed out that

"Iraq has a large volume of dealings with various countries of the world, and

there are challenges in dealing that need a serious pause to address them through continuous meetings that bring together the concerned parties, to create a dealing policy that regulates the reality of the local market, and maintains its stability, and the

dinar is for internal transactions, and the

dollar is for dealings." foreign affairs and

from its official sources, and
not to go to the parallel market to obtain dollars.   He stressed that

"limiting transactions in dinars represents an important step that raises the value of the dinar and takes the market to a stage of stability."


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