2023-12-02T07:20:00+00:00
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/ Dollar prices decreased today, Saturday, in Baghdad markets and in Erbil, the capital of the Kurdistan Region.
correspondent said that dollar prices fell with the opening of the al-Kifah and Al-Harithiya stock exchanges to record 156,250 dinars against 100 dollars, while last Thursday prices were 156,500 dinars against 100 dollars.
Our correspondent pointed out that the selling prices in the exchange shops in the local markets in Baghdad decreased, as the selling price reached 157,250 Iraqi dinars, while the purchasing price reached 155,250 dinars for every 100 dollars.
As for Erbil, the stock market does not trade on official holidays, but it also recorded a decrease in the banking shops, the selling price being 156,300 dinars versus 100 dollars, and the purchasing price 156,000 dinars versus 100 dollars.
What are the implications of the recent decline in dollar prices for businesses in Iraq?
Interview: Understanding the Recent Decline in Dollar Prices in Iraq
Editor of Time.news: Welcome, Dr. Mira Al-Zahra, an esteemed economist specializing in currency exchange and financial markets in the Middle East. Today, we’ll discuss the recent decline in dollar prices in Baghdad and Erbil. Thank you for joining us.
Dr. Al-Zahra: Thank you for having me. It’s a pleasure to discuss this crucial topic.
Editor: To start, can you provide an overview of the recent changes in dollar prices observed in Baghdad’s markets and Erbil?
Dr. Al-Zahra: Certainly. As of December 2, 2023, dollar prices have decreased in both Baghdad and Erbil, with the al-Kifah and al-Harithiya stock exchanges indicating a drop to 156,250 dinars for 100 dollars, down from 156,500 dinars just a few days prior. In local exchange shops, we see selling prices at 157,250 dinars and purchasing prices at 155,250 dinars.
Editor: what do you believe are the main factors contributing to this decline in dollar prices?
Dr. Al-Zahra: Several factors could be at play here. generally, fluctuations in currency rates can result from changes in supply and demand dynamics. Increased dollar supply in the market, possibly driven by government measures to stabilize the exchange rate, could lead to a decrease in dollar prices. Additionally, any positive economic news or stability can bolster confidence in the local currency, leading to a higher demand for the dinar.
Editor: It’s interesting to note the differences in the exchange rates between Baghdad and Erbil. Can you elaborate on that?
Dr.Al-Zahra: Yes, indeed.Erbil’s banking shops reported a selling price of 156,300 dinars for 100 dollars,with a purchasing price of 156,000 dinars. Unlike Baghdad, where the stock exchanges actively trade even on weekends, Erbil often experiences more stability during official holidays, which can affect trading volumes and pricing. These variations highlight the distinct economic environments in different regions of Iraq.
Editor: What implications do these changes have for everyday consumers in Iraq?
Dr. Al-Zahra: A decrease in dollar prices can have a positive impact on consumers, especially in terms of purchasing power.With a lower exchange rate, consumers might find imported goods and services to be more affordable.Though, it’s essential to maintain a close watch on the overall economic indicators, as currency devaluation might also lead to inflation if not managed appropriately.
Editor: What practical advice woudl you give to individuals or businesses navigating this fluctuating currency environment?
Dr. Al-Zahra: It’s crucial for both individuals and businesses to stay informed about currency trends and economic news. For personal finances, taking advantage of lower dollar prices for necessary imports could save money. Businesses, conversely, should consider hedging strategies to mitigate risks associated with currency fluctuations. Consulting with financial advisors and monitoring the market closely can yield better financial decisions.
Editor: Thank you, Dr. Al-Zahra, for your insights into the recent decline in dollar prices in Iraq. Your expertise will surely help our readers understand the implications of these changes.
Dr. Al-Zahra: Thank you for having me. It’s vital to keep the public informed about these economic developments, and I’m glad to contribute to that effort.