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Dollar exchange rates in Iraq: relative stability or a game of cat and mouse?
April 4, 2024Last updated: April 4, 2024
Al-Independent/- On Thursday, April 4, 2024, the exchange rates of the dollar against the Iraqi dinar witnessed relative stability in local markets.
The Al-Kifah and Al-Harithiya stock exchanges opened at a price of 147,100 Iraqi dinars for every 100 dollars, while selling prices in banking shops in Baghdad fell to 148,000 dinars, and the purchase price to 146,000 dinars.
This stability comes after sharp fluctuations in the dollar exchange rates over the past year, as the Iraqi currency witnessed a noticeable decline against the US dollar.
Last adjustment to the exchange rate:
On February 7, 2022, the Iraqi Council of Ministers announced an adjustment to the official dollar exchange rate to 1,320 dinars per dollar, in an attempt to rein in the black market and limit currency speculation.
The electronic platform and the “SWIFT” system:
About a year ago, the electronic platform and international financial transfer system “SWIFT” began operating in Iraq, with the aim of organizing the buying and selling of foreign currencies and controlling the movement of funds.
Relative stability or a game of cat and mouse?
Despite these efforts, dollar exchange rates have not completely stabilized, as there remains a large gap between the official rate and the parallel market rate.
Challenges facing currency stability:
Inflation: Iraq suffers from high inflation rates, which leads to the erosion of the value of the Iraqi dinar.
Dependence on imports: Iraq relies heavily on imports, which increases the demand for the US dollar.
Corruption: The phenomenon of corruption is one of the most important factors hindering the stability of the Iraqi currency.
the future:
It is expected that dollar exchange rates will continue to fluctuate during the coming period, depending on developments in the economic and political conditions in Iraq.
Question:
Will the Iraqi government be able to stabilize the national currency? Or will the cat and mouse game between the official price and the parallel market price remain dominant?
https://mustaqila.com/أسعار-صرف-الدولار-في-العراق-استقرار-نس/
April 4, 2024Last updated: April 4, 2024
Al-Independent/- On Thursday, April 4, 2024, the exchange rates of the dollar against the Iraqi dinar witnessed relative stability in local markets.
The Al-Kifah and Al-Harithiya stock exchanges opened at a price of 147,100 Iraqi dinars for every 100 dollars, while selling prices in banking shops in Baghdad fell to 148,000 dinars, and the purchase price to 146,000 dinars.
This stability comes after sharp fluctuations in the dollar exchange rates over the past year, as the Iraqi currency witnessed a noticeable decline against the US dollar.
Last adjustment to the exchange rate:
On February 7, 2022, the Iraqi Council of Ministers announced an adjustment to the official dollar exchange rate to 1,320 dinars per dollar, in an attempt to rein in the black market and limit currency speculation.
The electronic platform and the “SWIFT” system:
About a year ago, the electronic platform and international financial transfer system “SWIFT” began operating in Iraq, with the aim of organizing the buying and selling of foreign currencies and controlling the movement of funds.
Relative stability or a game of cat and mouse?
Despite these efforts, dollar exchange rates have not completely stabilized, as there remains a large gap between the official rate and the parallel market rate.
Challenges facing currency stability:
Inflation: Iraq suffers from high inflation rates, which leads to the erosion of the value of the Iraqi dinar.
Dependence on imports: Iraq relies heavily on imports, which increases the demand for the US dollar.
Corruption: The phenomenon of corruption is one of the most important factors hindering the stability of the Iraqi currency.
the future:
It is expected that dollar exchange rates will continue to fluctuate during the coming period, depending on developments in the economic and political conditions in Iraq.
Question:
Will the Iraqi government be able to stabilize the national currency? Or will the cat and mouse game between the official price and the parallel market price remain dominant?
https://mustaqila.com/أسعار-صرف-الدولار-في-العراق-استقرار-نس/
