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The dollar continues to submit to the Iraqi dinar.. The exchange gap is shrinking and the federal government is defeated again
28 December 2023 19:55
Information/Private..
After the stifling crisis that embarrassed the government in light of the high numbers reached by the dollar exchange rates compared to the official price, some attribute the reasons for the recovery of the dinar to the success of the Central Bank’s measures and its recent steps in providing the currency of some countries to finance the country’s foreign trade.
On the other hand, the decline of the dollar is due to the government’s ability to contain the Federal Reserve’s decisions that contributed to the rise in the exchange rate in the previous period, amid expectations that the decline will continue after the Central Bank translates the recent decisions and measures into reality.
*Results of procedures
Speaking about this file, a member of the House of Representatives, Suhaila Al-Sultani, explained the reasons for the decline in the dollar exchange rates after months of rise, while
she confirmed that the results of the successful measures and decisions taken by the government and the Central Bank have begun to be translated into reality.
Al-Sultani said in an interview with the Maalouma Agency,
“The dollar exchange rates will witness a significant decline in the local markets compared to the rise that the parallel prices reached in the previous period,” noting that
“the government’s continued taking the right steps in this file will reduce the gap between the official and parallel rates soon.”". He continues,
"The campaign of arrests and prosecution of currency speculators had an effective role in keeping the Iraqi dinar from collapsing," adding that "the Central Bank's decisions work to match the parallel and official dollar exchange rates." The member of the House of Representatives added:
“Controlling the dollar file, in light of the major violations in this file, will not be instantaneous and will need a period of time in order to impose it on the local markets,” pointing out that
“the results of the successful measures and decisions taken by the central bank government have begun to be translated on the ground.” reality".
*Trade finance
For his part, the economic expert, Abdul Rahman Al-Mashhadani, confirms that
the central bank’s agreements with some countries to finance foreign trade in local currency have contributed to a decline in the dollar exchange rates, suggesting that the exchange rates will reach 145 thousand compared to 100 US dollars.
Al-Mashhadani said, in an interview with the Maalouma Agency, that
“the agreement with the banks of the Emirates, Turkey, India, and China to finance Iraq’s foreign trade is a step in the right direction,” noting that
“proceeding with these measures will reduce the gap between the official and the parallel.” He continues,
"The measures taken by the government were practical, but the shock of the US Federal Reserve's punishment of banks prevented prices from falling in the previous period," pointing out that
"the US sanctions were a painful blow to the local markets." He added,
"One of the factors why the dollar exchange rates did not decline in the previous period was the intervention of the external factor in the dollar issue," adding that
"the central bank's agreements with some countries to finance trade in the local currency contributed to the decline in the dollar exchange rates."
The dollar exchange rates in local markets witnessed a significant decline after months of rise, which created severe economic repercussions for citizens, after the exchange rates at one time reached 169,000 for every 100 dollars. Ended 25/day
https://almaalomah.me/news/51595/economy/الدولار-يواصل-الخضوع-للدينار-العراقي-فجوة-الصرف-تتقلص-والفيد
28 December 2023 19:55
Information/Private..
After the stifling crisis that embarrassed the government in light of the high numbers reached by the dollar exchange rates compared to the official price, some attribute the reasons for the recovery of the dinar to the success of the Central Bank’s measures and its recent steps in providing the currency of some countries to finance the country’s foreign trade.
On the other hand, the decline of the dollar is due to the government’s ability to contain the Federal Reserve’s decisions that contributed to the rise in the exchange rate in the previous period, amid expectations that the decline will continue after the Central Bank translates the recent decisions and measures into reality.
*Results of procedures
Speaking about this file, a member of the House of Representatives, Suhaila Al-Sultani, explained the reasons for the decline in the dollar exchange rates after months of rise, while
she confirmed that the results of the successful measures and decisions taken by the government and the Central Bank have begun to be translated into reality.
Al-Sultani said in an interview with the Maalouma Agency,
“The dollar exchange rates will witness a significant decline in the local markets compared to the rise that the parallel prices reached in the previous period,” noting that
“the government’s continued taking the right steps in this file will reduce the gap between the official and parallel rates soon.”". He continues,
"The campaign of arrests and prosecution of currency speculators had an effective role in keeping the Iraqi dinar from collapsing," adding that "the Central Bank's decisions work to match the parallel and official dollar exchange rates." The member of the House of Representatives added:
“Controlling the dollar file, in light of the major violations in this file, will not be instantaneous and will need a period of time in order to impose it on the local markets,” pointing out that
“the results of the successful measures and decisions taken by the central bank government have begun to be translated on the ground.” reality".
*Trade finance
For his part, the economic expert, Abdul Rahman Al-Mashhadani, confirms that
the central bank’s agreements with some countries to finance foreign trade in local currency have contributed to a decline in the dollar exchange rates, suggesting that the exchange rates will reach 145 thousand compared to 100 US dollars.
Al-Mashhadani said, in an interview with the Maalouma Agency, that
“the agreement with the banks of the Emirates, Turkey, India, and China to finance Iraq’s foreign trade is a step in the right direction,” noting that
“proceeding with these measures will reduce the gap between the official and the parallel.” He continues,
"The measures taken by the government were practical, but the shock of the US Federal Reserve's punishment of banks prevented prices from falling in the previous period," pointing out that
"the US sanctions were a painful blow to the local markets." He added,
"One of the factors why the dollar exchange rates did not decline in the previous period was the intervention of the external factor in the dollar issue," adding that
"the central bank's agreements with some countries to finance trade in the local currency contributed to the decline in the dollar exchange rates."
The dollar exchange rates in local markets witnessed a significant decline after months of rise, which created severe economic repercussions for citizens, after the exchange rates at one time reached 169,000 for every 100 dollars. Ended 25/day
https://almaalomah.me/news/51595/economy/الدولار-يواصل-الخضوع-للدينار-العراقي-فجوة-الصرف-تتقلص-والفيد
