Iraqi government: Dollar rate reduction during Sudanese period caused 36 trillion dinars in losses

According to Kurdistan Press, Haider Abboudi, the spokesman for the Iraqi government, announced that the previous government headed by Muhammad Shia al-Sudani caused a loss of nearly 36 trillion dinars to the government treasury due to the reduction of the rate of one hundred dollars from 147 thousand to 132 thousand dinars.

In an interview with Al-Raba'a, Abboudi said that the decrease in the dollar rate has increased the profit margins of speculators, made the dollar cheaper in Iraq, and as a result, increased imports of foreign goods and smuggling. He also considered the increase in prices to be due to "the greed of some merchants and attempts to temporarily exploit the existing conditions."The Iraqi government spokesman also said that Prime Minister Ali Zaidi has strongly rejected the use of police measures by security forces to control the market. Abboudi added: “A package of government decisions will be issued soon to protect goods and stabilize the market.” He also said about the economic situation in Iraq that the country is under economic siege and that no party has provided the necessary cooperation to help Iraqi oil get through this difficult phase.

According to Abboudi, Iraq has consulted with countries involved in the conflict, including Iran, and explained the risks this situation poses to the country’s economy. He added that Iraq has openly asked for support during this difficult phase, but has not received a response. The Iraqi government spokesman concluded by saying that currently, related companies are buying discounted Iraqi oil and transporting it to global markets.