2023-11-06T15:28:36+00:00
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/ A member of the Sulaymaniyah Stock Exchange Market Council, within the Kurdistan Region, Ismail Muhammad, revealed the reasons for the rise in the dollar exchange rate on Monday afternoon, while demanding that the Central Bank of Iraq hand over the cash amounts directly to the approved banking companies.
Muhammad told Agency, “The price of the dollar has risen again, due to the statements of the Central Bank of Iraq about increasing the amounts of cash in the markets after the amount of cash pumped during the past week declined to approximately 100 million dollars, and it was pumping approximately 200 million dollars weekly.” .
He explained that this matter led to an increase in demand for the dollar in the local markets, in addition to the fact that the Central Bank of Iraq confirmed that since the beginning of the new year, pumping cash amounts into the markets will be stopped.
Ismail called on the Central Bank of Iraq and the federal government to “organize the process of pumping cash into the markets in a way that ensures its access to citizens,” calling at the same time to “deliver the cash directly to approved local banking companies, since the banks to which the cash is delivered do not pump more than 20 % of it to the markets.
Regarding the impact of the rise in the dollar exchange rate on the prices of consumer goods, he stressed that “the Central Bank of Iraq grants the dollar to importers of food and electrical supplies at the government exchange rate, and the rise in the exchange rate has no impact on the prices of those goods.”
The exchange rate of $100 this afternoon reached 166,500 dinars, which is the highest in a while, especially after the price of the dollar exceeded 160,000 during the past three weeks.