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A noticeable decline in the dollar exchange rate amid anticipation in the markets
Economical 12/25/2023
Baghdad: Al-Sabah
Dollar prices have decreased significantly in the past few days throughout Iraq, as the end of the current year approaches, with the market awaiting fear of its fluctuation or rise again.
While the Iraqi government believes that the decline in the price of the dollar was due to several reasons, including “the high capabilities of Iraq’s currency reserves,” the stock market, specifically in Sulaymaniyah, had another opinion as it warned of an increase in its price due to the New Year’s holiday.
The government’s comment came from Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Muhammad Shia al-Sudani, in which he said:
“Among the reasons for the decline in the dollar exchange rate in the parallel market are the high capabilities of Iraq’s foreign currency reserves and the good management of foreign trade financing during the last period.” Saleh stated that
“the parallel market is gradually approaching the official central market, due to the presence of regular foreign trade by the private sector through the compliance platform and the great flexibility that banks have shown in dealing with this platform for the purpose of securing transfers.” He added,
"The openness to transfer through various methods, including payment cards in all their forms, importing foreign cash currency into Iraq, and financing foreign trade in various currencies, and not limiting this transaction to the dollar only, led to a decrease in the dollar exchange rate in the parallel market as well." The financial and economic advisor to the Prime Minister continued,
“The monetary policy of the Central Bank is exercising its role precisely and positively and in accordance with short- and medium-term plans to maintain the stability of the national economy, and for this reason the exchange rate will continue to decline in the parallel market.”
https://alsabaah.iq/89279-.html
Economical 12/25/2023
Baghdad: Al-Sabah
Dollar prices have decreased significantly in the past few days throughout Iraq, as the end of the current year approaches, with the market awaiting fear of its fluctuation or rise again.
While the Iraqi government believes that the decline in the price of the dollar was due to several reasons, including “the high capabilities of Iraq’s currency reserves,” the stock market, specifically in Sulaymaniyah, had another opinion as it warned of an increase in its price due to the New Year’s holiday.
The government’s comment came from Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Muhammad Shia al-Sudani, in which he said:
“Among the reasons for the decline in the dollar exchange rate in the parallel market are the high capabilities of Iraq’s foreign currency reserves and the good management of foreign trade financing during the last period.” Saleh stated that
“the parallel market is gradually approaching the official central market, due to the presence of regular foreign trade by the private sector through the compliance platform and the great flexibility that banks have shown in dealing with this platform for the purpose of securing transfers.” He added,
"The openness to transfer through various methods, including payment cards in all their forms, importing foreign cash currency into Iraq, and financing foreign trade in various currencies, and not limiting this transaction to the dollar only, led to a decrease in the dollar exchange rate in the parallel market as well." The financial and economic advisor to the Prime Minister continued,
“The monetary policy of the Central Bank is exercising its role precisely and positively and in accordance with short- and medium-term plans to maintain the stability of the national economy, and for this reason the exchange rate will continue to decline in the parallel market.”
https://alsabaah.iq/89279-.html
