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Economist: Kurdish merchants entering the dollar selling platform contributed to lowering the exchange rate - urgent
Economy 08-31-2024, 09:32 |
Baghdad today - Baghdad
An economist and academic at Cihan University, Nawar Al-Saadi, said today, Saturday (August 31, 2024), that Kurdish merchants benefited from the Iraqi government’s official dollar selling platform and contributed to lowering the exchange rate. Al-Saadi told "Baghdad Today",
"There is entry for merchants from the Kurdistan region to the official dollar selling platform, and
these merchants benefited from obtaining the dollar at the official exchange rate, instead of buying from parallel markets that witness higher prices," indicating that
"this influx The dollar supply to the market contributed significantly to the increase in supply, which led to a reduction in the price.” He added,
"The matter is not limited to this factor alone, as the Iraqi markets suffer from frequent fluctuations as a result of economic and political instability, and
speculators exploit any change in the market to achieve quick gains, which increases the chaos in the exchange market," noting that
"rumors about possible changes in The exchange rate prompted many to sell the dollar at low prices for fear of future declines, which increased pressure on the dollar price.” Al-Saadi stated that
“there are ongoing discussions between the Central Bank of Iraq and the US Federal Reserve, which could have a significant impact on the exchange rate,” stressing that
“the results of these meetings will be decisive in determining the future direction of the price of the dollar in the Iraqi market, if agreements are reached.”
Certainly, we may see significant changes in the exchange rate based on those results.”
It is noteworthy that the specialist in financial affairs, Nabil Jabbar Al-Tamimi, confirmed on Saturday (August 3, 2024) that the
exchange rate of the dollar in the parallel market will remain higher than the official price due to the failure to find solutions by the Central Bank for black transfers. Al-Tamimi told "Baghdad Today",
"The continued rise in the dollar exchange rate in the parallel market is due to the continuation of black transfers to finance some foreign trade by some merchants, without finding any solutions for these merchants by the Central Bank of Iraq." He stated,
"The Central Bank of Iraq is required to find solutions and quick procedures for these merchants, especially small merchants, who have almost daily trade with Iran, Syria, and some other countries prohibited from dealing in dollars." He pointed out that
"these merchants move to the black market for the purpose of financing their trade, and
this is what leads to the exchange rate remaining high in the parallel market with a large difference from the official rate, and this matter is borne by the Central Bank, as it is responsible for this file."
Today, the dollar exchange rates returned to a relative rise, touching 150 thousand dinars on the stock market, maintaining this level since Eid al-Adha, where it rose from 1,450 dinars to around 150 thousand dinars or less, and has stabilized in this range until now.
https://baghdadtoday.news/256839-اقتصادي-دخول-التجار-الكرد-لمنصة-بيع-الدولار-ساهم-بخفض-سعر-الصرف-عاجل.html
Economy 08-31-2024, 09:32 |
Baghdad today - Baghdad
An economist and academic at Cihan University, Nawar Al-Saadi, said today, Saturday (August 31, 2024), that Kurdish merchants benefited from the Iraqi government’s official dollar selling platform and contributed to lowering the exchange rate. Al-Saadi told "Baghdad Today",
"There is entry for merchants from the Kurdistan region to the official dollar selling platform, and
these merchants benefited from obtaining the dollar at the official exchange rate, instead of buying from parallel markets that witness higher prices," indicating that
"this influx The dollar supply to the market contributed significantly to the increase in supply, which led to a reduction in the price.” He added,
"The matter is not limited to this factor alone, as the Iraqi markets suffer from frequent fluctuations as a result of economic and political instability, and
speculators exploit any change in the market to achieve quick gains, which increases the chaos in the exchange market," noting that
"rumors about possible changes in The exchange rate prompted many to sell the dollar at low prices for fear of future declines, which increased pressure on the dollar price.” Al-Saadi stated that
“there are ongoing discussions between the Central Bank of Iraq and the US Federal Reserve, which could have a significant impact on the exchange rate,” stressing that
“the results of these meetings will be decisive in determining the future direction of the price of the dollar in the Iraqi market, if agreements are reached.”
Certainly, we may see significant changes in the exchange rate based on those results.”
It is noteworthy that the specialist in financial affairs, Nabil Jabbar Al-Tamimi, confirmed on Saturday (August 3, 2024) that the
exchange rate of the dollar in the parallel market will remain higher than the official price due to the failure to find solutions by the Central Bank for black transfers. Al-Tamimi told "Baghdad Today",
"The continued rise in the dollar exchange rate in the parallel market is due to the continuation of black transfers to finance some foreign trade by some merchants, without finding any solutions for these merchants by the Central Bank of Iraq." He stated,
"The Central Bank of Iraq is required to find solutions and quick procedures for these merchants, especially small merchants, who have almost daily trade with Iran, Syria, and some other countries prohibited from dealing in dollars." He pointed out that
"these merchants move to the black market for the purpose of financing their trade, and
this is what leads to the exchange rate remaining high in the parallel market with a large difference from the official rate, and this matter is borne by the Central Bank, as it is responsible for this file."
Today, the dollar exchange rates returned to a relative rise, touching 150 thousand dinars on the stock market, maintaining this level since Eid al-Adha, where it rose from 1,450 dinars to around 150 thousand dinars or less, and has stabilized in this range until now.
https://baghdadtoday.news/256839-اقتصادي-دخول-التجار-الكرد-لمنصة-بيع-الدولار-ساهم-بخفض-سعر-الصرف-عاجل.html
