Economic Disparity in Iraq: Analysis of Import Data and Central Bank Dollar Sales
Economist Nabil Al-Marsoumi has highlighted significant discrepancies between Iraq’s total imports and the dollar sales conducted by the Central Bank of Iraq. This situation prompts an examination of the fund transfer mechanisms and the inconsistencies between official import statistics and actual figures.
According to official data from the Central Bank of Iraq, total imports of goods and services rose from $91.053 billion in 2023 to $94.686 billion in 2024, marking an annual growth rate of 4%. Conversely, dollar sales by the Central Bank during 2024 totaled approximately $81 billion, with documentary credits accounting for around 90% of these transactions.
Al-Marsoumi posits that the gap between total imports and Central Bank dollar sales may be attributed to the return of surplus dollars to Iraq, driven by discrepancies between falsified import documentation and the genuine statistics of import activities.
He elaborates that certain importers have been known to resell these surplus dollars in the parallel market, capitalizing on the exchange rate variations between the official dollar rate and the black market. This practice enables importers to re-circulate the Iraqi dinar, purchase dollars again from the Central Bank at the official rate, and subsequently import additional goods.
Table: Iraq’s Import and Dollar Sales Data
| Year | Total Imports (in Billion $) | Central Bank Dollar Sales (in Billion $) |
|---|---|---|
| 2023 | 91.053 | – |
| 2024 | 94.686 | 81 |
In summary, the current economic landscape in Iraq raises significant questions regarding the management of import data and the role of the Central Bank in regulating dollar sales. This analysis is crucial for understanding the underlying economic dynamics and addressing potential fiscal inconsistencies.
