Baghdad markets paralyzed and car showrooms halted amid US currency crisis

The capital Baghdad witnessed a near-complete paralysis in trade and markets on Wednesday, following the sharp rise in the US currency exchange rate, which resulted in the suspension of car sales in most showrooms and the disruption of commercial movement in the central Al-Shurja market. Traders in the aforementioned market confirmed the complete cessation of selling goods and commodities, as a result of the decision to amend the dollar exchange rate, amid a state of intense anticipation and lack of clarity regarding prices. Field data showed the market almost completely empty shortly after the currency rose, and the cessation of commercial exchange in several local wholesale markets. The continuous fluctuation in the exchange rate caused the suspension of vehicle sales pending the stabilization of conditions and knowing the repercussions of the change on the local market. These developments coincide with the commencement of implementing the exchange rate amendment, amid widespread commercial fears of the consequences for goods and commodities.