Trading fuels Iraq’s parallel Dollar market
Shafaq News – Baghdad
Iraq’s dollar market has seen a recent surge, driven largely by cross-border speculative trading, a senior official reported to Shafaq News on Tuesday.
Mudhhir Mohammed Saleh, financial adviser to Prime Minister Mohammed Shia al-Sudani, noted that when the dollar weakens, some traders prefer parallel markets for their speed and lower bureaucratic hurdles.
“Small commercial activity accounts for more than half of Iraq’s foreign trade,” he added.
Despite the surge, Saleh stressed there was no fundamental reason behind the dollar’s movement, pointing out that foreign currency remains available through Iraq’s official banking system, and in line with international standards on trade finance and import monitoring.
He also underscored the importance of advanced regulatory tools, including customs tracking and digital inspection systems for imported goods, describing them as essential to strengthening oversight and transparency.
