Shafaq News/ The government and theCentral Bank of Iraq (CBI) have taken several important measures to address thecountry’s security and economic challenges, particularly amid the deterioratingsituation in Syria.
Moeen Al-Kadhimi, a member of the ParliamentaryFinance Committee, told Shafaq News Agency, "The situation in Syria doesnot impact the Iraqi economy or the exchange rate of the dollar in the localmarket."
“The dollar exchange rate in theparallel market is currently stable, with the government working to narrow thegap between the parallel and official rates to enhance economic stability,” headded.
Notably, currency markets,especially in the Kurdistan region (KRI), have seen a “sudden” rise in thevalue of the Syrian pound against the Iraqi dinar, sparking discussions amongexperts and traders about its causes and potential impact on the local market.
Since the fall of Bashar al-Assad'sregime, the Syrian pound has been recovering against other currencies,especially the US dollar, which has decreased by 18 to 20% in recenttransactions.
Expert Ayman Hisham explained to our agency that "high demandfor the Syrian pound caused its sudden rise," adding, "Before theSyrian regime regained control of some areas, one million Syrian pounds was worthjust 100,000 Iraqi dinars ($76.3). Now, it has reached 600,000 dinars(approximately $457.8,) stabilizing around 550,000 due to the risingdemand."
In turn, expert Jabbar Koran ruled out any direct impact of Syrian poundfluctuations on other currencies, given its local nature. “Nevertheless, pricesof agricultural goods imported from Syria could be indirectly affected due totrade ties between the two countries,” he clarified.