The collapse of the lira in Syria and Lebanon .. Deputy: The Iraqi dinar will be safe, provided that 3 commitments are fulfilled

The collapse of the lira in Syria and Lebanon .. Deputy: The Iraqi dinar will be safe, provided that 3 commitments are fulfilled


18/03/2021






Baghdad today - Baghdad 

Today, Thursday, a member of the Economic and Investment Committee in Parliament, Nada Shaker ruled out the collapse of the Iraqi currency, similar to what is happening with the pound in Syria and Lebanon, while confirming that the US administration will not allow this, as she put it




Nada Shaker said, in an interview with (Baghdad Today), that "a recurrence of the scenario of currency collapse in Syria and Lebanon in Iraq by imposing US sanctions on the country is completely unlikely," indicating that "Iraq is linked to major economic cooperation with Washington."



Shaker indicated, "Imposing sanctions on the country at the present time is not possible, but the Iraqi government must fulfill its obligations to protect diplomatic missions as well as control hard currency from smuggling and fight corruption to ensure the stability of the Iraqi dinar against the dollar."



A member of the Economic and Investment Committee in Parliament explained, "The United States of America considers the importance of Iraq in the international oil market, as well as common interests at various levels between the two countries, and therefore the imposition of sanctions or their contribution to the collapse of the currency is difficult and exaggerated."

Nada Shaker stressed the need to "address the dollar crisis through the central bank’s monetary policy that restores the balance of the dinar’s price against the dollar, by reviving the market in the dollar currency, in order to stabilize the dinar price within certain limits."

Since the summer of 2019, in the wake of the worst economic collapse in Lebanon, the pound has begun to gradually decline against the dollar, coinciding with a severe liquidity crisis and the cessation of banks from providing depositors with their money in dollars.



The Lebanese currency continues its continuous free fall since the beginning of the month, losing about 90 percent of its value against the US dollar, while the collapse of the Lebanese pound forced major shops to close their doors to re-price their goods, and "the worst has yet to happen," according to specialists.


As for Syria, which has been beset by Western sanctions for years, in addition to the disruptions of the grinding war, the exchange rate of the US dollar against the pound on the black market recently jumped by about 150 pounds for purchase and 160 pounds for sale.


The dollar was worth 47 pounds before the protests against President Bashar al-Assad's rule in March 2011, in unrest that led to war.



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