2023-11-23T07:09:40+00:00
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/ the exchange rates of the US dollar rose against the iraqi dinar, today, Thursday, in the markets of Baghdad and Erbil, the capital of the Kurdistan Region.
Agency correspondent said that dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 159,750 thousand dinars for every 100 dollars, while yesterday, Wednesday, prices were 158,500 dinars for every 100 dollars.
Our correspondent pointed out that the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 160,750 dinars, while the purchasing price reached 158,750 dinars for every 100 dollars.
As for Erbil, the dollar also recorded an increase in banking shops, the selling price was 159,450 dinars against the dollar, and the purchasing price was 159,350 dinars against 100 dollars.
What are the long-term implications of a rising US dollar for the Iraqi economy?
Interview Between Time.news Editor and currency Exchange Expert
Editor: Welcome to Time.news.Today, we’re delving into the recent fluctuations in currency exchange rates, especially the rise of the US dollar against the Iraqi dinar. Joining us is Dr. Sarah Al-Mansoori, a renowned economist specializing in Middle Eastern markets. Thank you for being here, Dr. Al-Mansoori.
Dr. Al-Mansoori: Thank you for having me. It’s a pleasure to discuss such a relevant topic.
Editor: To start, can you explain the recent increase in the exchange rate of the US dollar against the Iraqi dinar that has been reported this week?
Dr. Al-Mansoori: Certainly. as of today, the exchange rate rose to 159,750 dinars for every 100 dollars on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, up from 158,500 dinars just yesterday.Similarly, in Erbil, we see comparable trends where the selling price reached around 159,450 dinars. This notable increase reflects ongoing pressures in the market that influence currency valuations.
Editor: What factors are contributing to this rise in the dollar’s value?
Dr. Al-Mansoori: There are multiple factors at play. Firstly, there’s the broader influence of global economic conditions, including interest rates and inflation rates in the United States. A stronger dollar often results from higher interest rates, making US assets more attractive. Locally, factors like political instability, economic performance, and market sentiment in Iraq also significantly impact the dinar’s value.
Editor: How does this increase in the dollar’s value affect everyday citizens in Iraq, particularly regarding purchasing power?
Dr. Al-Mansoori: The increase in the exchange rate typically results in higher prices for imported goods and services, which can reduce the purchasing power of everyday citizens. As the dollar strengthens, local businesses that rely on imports may pass these costs onto consumers, leading to a rise in inflation. This is particularly detrimental for low-income households.
Editor: Are there any specific sectors that are most affected by these changes in exchange rates?
Dr. Al-Mansoori: Yes, sectors that depend heavily on imports, such as retail, electronics, and fuel, are most vulnerable. As a notable example,if the value of the dollar continues to rise,imported consumer goods will become more expensive.Additionally, businesses might face increased costs, affecting their overall profitability and perhaps leading to job cuts.
Editor: In light of these developments, what advice would you give to individuals or businesses in Iraq navigating these currency fluctuations?
Dr.Al-Mansoori: For individuals, it’s crucial to be mindful of spending, especially on imported goods. Considering local alternatives can help mitigate the impact of rising prices. For businesses, I would advise closely monitoring exchange rates and considering hedging strategies to protect against future fluctuations. Investing in local sourcing may also provide a buffer against currency volatility.
Editor: Thank you, Dr. Al-Mansoori, for these insightful perspectives on the rising exchange rates of the US dollar against the Iraqi dinar. Your expertise is invaluable in helping our readers understand the nuances of this situation.
Dr. Al-Mansoori: Thank you for having me. It’s important for everyone to stay informed, especially during times of economic uncertainty.
Editor: And thank you to our readers for tuning in.Stay updated with Time.news for more expert insights on global economic trends and currency exchange rates.