The Islamic Dawa Party Calls for Urgent Action on Dinar Crisis
At a Glance
- Iraq’s Islamic Dawa Party has raised concerns over dinar exchange rate fluctuations.
- The party says rising prices are reducing citizens’ purchasing power.
- It called for urgent measures to address the economic crisis.
- It also urged traders to avoid monopolistic practices.
Iraq’s Islamic Dawa Party has called for urgent measures to contain fluctuations in the Iraqi dinar’s exchange rate against the US dollar, warning of their impact on prices and citizens’ purchasing power.
Key Statements and Focus Area
- Instability Concerns: “We follow with concern the impact of instability and fluctuations in the exchange rate.” - Islamic Dawa Party
- Economic Measures: "We call upon those responsible to act swiftly to curb this crazy surge and find urgent solutions to control its repercussions." - Islamic Dawa Party
- Focus: The statement urges authorities and businesses to limit the impact of the economic crisis on citizens.
In a statement issued by its Political Bureau, the Islamic Dawa Party said exchange rate fluctuations and rising market prices could have broader political and social consequences.
The party acknowledged the effects of the ongoing regional war and Iraq’s inherited financial deficit, but urged authorities to tackle what it described as the root causes of the crisis, including waste and corruption, while strengthening domestic production, regulating imports, and increasing oversight of market activity.
The party also called on traders and business leaders to take into account the economic difficulties facing citizens. It urged businesses to cooperate during the current period and avoid practices it described as greed and monopolization, saying traders have a national and moral responsibility toward the public.
FYI
The statement comes after Iraq introduced a new exchange rate mechanism for the dinar on October 7. The Central Bank of Iraq set the dollar purchase rate from the Ministry of Finance at 1,500 dinars, the selling rate to banks at 1,510 dinars, and the cash selling rate to the public at 1,520 dinars per dollar.
The Central Bank said the adjustment aims to support local production, investment, and employment while maintaining the stability of the financial system.
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