2023-12-24T10:42:16+00:00
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/ Dollar prices have decreased significantly in the past few days throughout Iraq, as the end of the current year approaches, with the market awaiting for fear of its fluctuation or its price rising again.
While the Iraqi government believes that the decline in the price of the dollar was due to a number of reasons, including “the high capabilities of Iraq’s currency reserves,” the stock market, specifically in Sulaymaniyah, had another opinion as it warned of an increase in its price due to the New Year’s holiday.
The government’s comment came from Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Muhammad Shia al-Sudani, in a statement to Agency, in which he said, “Among the reasons for the decline in the dollar exchange rate in the parallel market is the high capacity of Iraq’s foreign currency reserves and the good management of foreign trade financing during last period.”
Saleh stated that “the parallel market is gradually approaching the official central market, due to the presence of regular foreign trade by the private sector through the compliance platform and the great flexibility that banks have shown in dealing with this platform for the purpose of securing transfers.”
He added, “The openness to transfers through various methods, including payment cards in all their forms, importing foreign cash currency into Iraq, and financing foreign trade in various currencies, and not limiting this transaction to dollars only, led to a decrease in the dollar exchange rate in the parallel market as well.”
The financial and economic advisor to the Prime Minister continued, “The monetary policy of the Central Bank exercises its role precisely and positively and in accordance with short- and medium-term plans to maintain stability for the national economy, and for this reason the exchange rate will continue to decline in the parallel market.”
For his part, the official spokesman for the stock market in Sulaymaniyah, Kuran Jabbar, revealed an expected fluctuation of the dollar exchange rate in the markets in the coming days due to the New Year holiday.
Jabbar said in a statement to that “the price of the dollar declined today by a thousand dinars for every 100 dollars, for many reasons, the most important of which is the media campaign carried out by the Iraqi government about increasing the amounts of foreign transfers with the beginning of the new year, as well as the government’s intention to deal in the Iraqi dinar in all financial transactions.” In addition to granting the US dollar to five banks instead of handing it over to the Central Bank of Iraq.
Jabbar stressed that “there is an intention to link these banks to a bank in Amman and increase the number of banks in the near future,” indicating that “if financial transactions in the country are unified with the Iraqi dinar, this will enable the dinar to recover and the dollar exchange rate to decline, since the need for the dollar will be limited only to the Iraqi dinar.” Merchants, as well as citizens who wish to travel outside the country.”
Jabbar pointed out that “it is expected that there will be a fluctuation in the dollar exchange rate during the remaining days of the current year due to the disruption of work hours for many companies, as well as the final accounts settled by many companies and the New Year’s holiday.”