Insights on Iraq’s Dollar Exchange and Import Discrepancies
Nabil Al-Marsoumi, a prominent economist, recently addressed the ongoing challenges regarding the dollar’s exchange rate in Iraq. He highlighted the existing discrepancies between reported import statistics and actual goods entering the country.
According to data released by the Central Bank of Iraq, total imports of goods and services rose from $91.053 billion in 2023 to $94.686 billion in 2024, reflecting an annual growth rate of 4%. In contrast, the Central Bank’s dollar sales for the same period amounted to approximately $81 billion, with around 90% of these transactions being related to transfers and documentary credits.
Al-Marsoumi suggested that the disparity between total import figures and Central Bank dollar sales may stem from inconsistencies between inflated import lists and authentic data. This situation encourages many importers to repatriate the difference in currency back to Iraq, where they convert it into Iraqi dinars at a parallel rate. Subsequently, they utilize these dinars to procure dollars at the official exchange rate for further imports.
Summary of Key Figures
| Metric | 2023 | 2024 |
|---|---|---|
| Total Imports (Goods & Services) | $91.053 billion | $94.686 billion |
| Central Bank Dollar Sales | N/A | $81 billion |
| Percentage of Transactions (Transfers & Documentary Credits) | N/A | 90% |
This analysis underscores the complexities within Iraq’s economic framework regarding foreign currency and import practices, providing insights for stakeholders navigating these financial challenges.
