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The market “understands nothing” about the reasons for the rapid decline in the exchange rate.. What is the story of the “home dollar”?
Economy/Localities |12-25-2023, 19:34 |
Baghdad today - Baghdad
The parallel market for selling the dollar has witnessed a remarkable decline in recent days, especially with its decline for the first time below 150,000 dinars per 100 dollars,
amid expectations of a further decline in the coming weeks, according to the readings of some experts.
Muntadhar Ali, a money exchange owner, said in an interview with “Baghdad Today” that
he “did not expect the dollar exchange rate to fall below 150 thousand dinars for every $100,” adding:
“There is ambiguity in what is happening and the market was programmed to decline without knowing the real reasons.”. He added,
"The profits of speculators in the dollar market for 6 months were depleted in the recent decline," pointing out that
"prices may reach 146 thousand dinars per $100 before the end of the week if the accelerating decline continues."
As for Ali Al-Tamimi, the owner of a banking office, he pointed out in an interview with “Baghdad Al-Youm” that
“the house dollar, which is a name we give to some families that keep part of their liquidity in dollars, began selling the dollar after news of strong declines that the dollar market will witness,” pointing out that
“The turnout for sales increased by almost 100%.” He added,
"The demand for buying the dollar is currently low with the increase in supply," pointing out that
"the dollar may fall below 140 thousand dinars per 100% during January if it remains at this pace." He pointed out that
"the comments of economists and officials prompted a reduction in the market, in addition to the import of the dollar by some private banks, which opened larger windows to obtain the currency."
As for the member of the Parliamentary Finance Committee, Mudar Al-Karawi, he acknowledged that
“the decline in the price of the dollar came due to the actions of the Central Bank and the state by providing liquidity and reducing smuggling,” pointing out that
“the decline is still far from the ambition that we hope it will reach, which is equivalent to the official price announced by the Central Bank of Iraq.”". He added,
"The state's financial policies are good and we expect that the disturbances in the parallel market have become less in terms of speculation,
but this does not mean that it may stabilize at certain limits, especially since we are in an unstable atmosphere in the Middle East that has a direct impact on the economic dimensions."
During the past few days, the dollar declined rapidly from 1,600 to 1,480 dinars per dollar, which means that it lost more than 8% of its value within 10 days.
https://baghdadtoday.news/238564-السوق-لايفهم-شيئًا-عن-اسباب-الانخفاض-المتسارع-لسعر-الصرف.-ماقصة-دولار-المنازل؟.html
Economy/Localities |12-25-2023, 19:34 |
Baghdad today - Baghdad
The parallel market for selling the dollar has witnessed a remarkable decline in recent days, especially with its decline for the first time below 150,000 dinars per 100 dollars,
amid expectations of a further decline in the coming weeks, according to the readings of some experts.
Muntadhar Ali, a money exchange owner, said in an interview with “Baghdad Today” that
he “did not expect the dollar exchange rate to fall below 150 thousand dinars for every $100,” adding:
“There is ambiguity in what is happening and the market was programmed to decline without knowing the real reasons.”. He added,
"The profits of speculators in the dollar market for 6 months were depleted in the recent decline," pointing out that
"prices may reach 146 thousand dinars per $100 before the end of the week if the accelerating decline continues."
As for Ali Al-Tamimi, the owner of a banking office, he pointed out in an interview with “Baghdad Al-Youm” that
“the house dollar, which is a name we give to some families that keep part of their liquidity in dollars, began selling the dollar after news of strong declines that the dollar market will witness,” pointing out that
“The turnout for sales increased by almost 100%.” He added,
"The demand for buying the dollar is currently low with the increase in supply," pointing out that
"the dollar may fall below 140 thousand dinars per 100% during January if it remains at this pace." He pointed out that
"the comments of economists and officials prompted a reduction in the market, in addition to the import of the dollar by some private banks, which opened larger windows to obtain the currency."
As for the member of the Parliamentary Finance Committee, Mudar Al-Karawi, he acknowledged that
“the decline in the price of the dollar came due to the actions of the Central Bank and the state by providing liquidity and reducing smuggling,” pointing out that
“the decline is still far from the ambition that we hope it will reach, which is equivalent to the official price announced by the Central Bank of Iraq.”". He added,
"The state's financial policies are good and we expect that the disturbances in the parallel market have become less in terms of speculation,
but this does not mean that it may stabilize at certain limits, especially since we are in an unstable atmosphere in the Middle East that has a direct impact on the economic dimensions."
During the past few days, the dollar declined rapidly from 1,600 to 1,480 dinars per dollar, which means that it lost more than 8% of its value within 10 days.
https://baghdadtoday.news/238564-السوق-لايفهم-شيئًا-عن-اسباب-الانخفاض-المتسارع-لسعر-الصرف.-ماقصة-دولار-المنازل؟.html
