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A financial expert reveals the reasons for the rise in the dollar and expects a new rise in the exchange rate
Economy Rising dollar prices breaking Central Bank of Iraq Parallel market
2024-07-09 04:46
Shafaq News/ The official spokesman for the currency market in Sulaymaniyah, Jabbar Gorran, revealed today, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market. Jabbar Gorran said in a statement to Shafaq News Agency:
"The issue of the high exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq." He added,
"The Central Bank of Iraq took some good measures in the past,
but the increase that has occurred now is due to other measures that the Central Bank has not taken so far,including that the bank agreed that external dealing should not be limited to the US dollar only, but this measure has not been taken yet, as well as not linking...
All banks on the electronic platform have stopped working with it, with the exception of only seven banks, and
they do not accommodate the foreign trade exchange process, which annually amounts to about 50 billion dollars, and
I do not expect those seven banks to absorb this volume of trade exchange.” He stated that
"one of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash pumping by the Central Bank of Iraq, with the exception of today." He explained,
"The demand for the dollar these days is abnormal, and
I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season." He explained that
"the large number of banking offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 banking companies in Iraq and in Kurdistan, about 2,500 companies have not yet been merged with each other, reaching about 400 actual companies."
All these companies and offices need more than $50 million daily.” Kuran stressed that
“the rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather it is linked to the actions of the Central Bank of Iraq, and
it is possible for the bank to control this rise,” expecting the dollar exchange rate to rise to more than 150 thousand dinars for every 100 dollars, ruling out At the same time, it may reach high levels, as happened in previous periods.
https://shafaq.com/ar/اقتصـاد/خبير-مالي-يكشف-عن-سباب-ارتفاع-الدولار-ويتوقع-صعودا-جديدا-بسعر-الصرف
Economy Rising dollar prices breaking Central Bank of Iraq Parallel market
2024-07-09 04:46
Shafaq News/ The official spokesman for the currency market in Sulaymaniyah, Jabbar Gorran, revealed today, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market. Jabbar Gorran said in a statement to Shafaq News Agency:
"The issue of the high exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq." He added,
"The Central Bank of Iraq took some good measures in the past,
but the increase that has occurred now is due to other measures that the Central Bank has not taken so far,including that the bank agreed that external dealing should not be limited to the US dollar only, but this measure has not been taken yet, as well as not linking...
All banks on the electronic platform have stopped working with it, with the exception of only seven banks, and
they do not accommodate the foreign trade exchange process, which annually amounts to about 50 billion dollars, and
I do not expect those seven banks to absorb this volume of trade exchange.” He stated that
"one of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash pumping by the Central Bank of Iraq, with the exception of today." He explained,
"The demand for the dollar these days is abnormal, and
I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season." He explained that
"the large number of banking offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 banking companies in Iraq and in Kurdistan, about 2,500 companies have not yet been merged with each other, reaching about 400 actual companies."
All these companies and offices need more than $50 million daily.” Kuran stressed that
“the rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather it is linked to the actions of the Central Bank of Iraq, and
it is possible for the bank to control this rise,” expecting the dollar exchange rate to rise to more than 150 thousand dinars for every 100 dollars, ruling out At the same time, it may reach high levels, as happened in previous periods.
https://shafaq.com/ar/اقتصـاد/خبير-مالي-يكشف-عن-سباب-ارتفاع-الدولار-ويتوقع-صعودا-جديدا-بسعر-الصرف
