2023-12-05T13:47:28+00:00
A-
A
A+
The dollar exchange rates decreased in Baghdad and Erbil, the capital of the Kurdistan Region, on Tuesday, with the closure of the two main stock exchanges in the country.
Our correspondent indicated that selling prices in banking shops in local markets in Baghdad decreased, as the selling price reached 158,000 Iraqi dinars for 100 dollars, while the purchase price reached 156,000 dinars for 100 dollars.
As for Erbil, the dollar also recorded a decline, as the selling price reached 156,850 dinars for every 100 dollars, and the purchasing price was 156,750 dinars for every 100.
How do recent changes in dollar exchange rates affect everyday life for Iraqi citizens?
Interview: The Dollar Exchange Rates in Iraq – Insights from Financial Expert Dr. Samir Hasan
Time.news Editor (TNE): Thank you for joining us today, Dr. Samir Hasan. The recent decline in dollar exchange rates in Baghdad and Erbil has garnered much attention. Can you explain what led to this drop?
Dr. Samir Hasan (SH): Thank you for having me. The decrease in the dollar exchange rates in Baghdad and Erbil is primarily a result of the closures of the two main stock exchanges in Iraq. Such closures typically lead to reduced trading activities and can often temper demand for foreign currency, which in this case is the US dollar.
TNE: Interesting! For our readers, what are the specific exchange rates we’re seeing in both Baghdad and Erbil?
SH: As of now, the selling price in Baghdad is at 158,000 Iraqi dinars for 100 dollars, with a purchasing price of 156,000 dinars for the same amount. In Erbil, the selling price is slightly lower at 156,850 dinars while the purchase price stands at 156,750 dinars. These figures reflect a notable decrease from previous rates.
TNE: How do fluctuations like these impact the average Iraqi citizen and the economy at large?
SH: Fluctuations in currency exchange rates can significantly affect the purchasing power of individuals. When the dollar price drops, imports become relatively more expensive, which can lead to inflation in essential goods. This scenario can strain household budgets. For the economy, it can lead to instability if the government doesn’t implement corrective measures to manage inflation and purchasing power.
TNE: What practical advice do you have for those looking to navigate these changing exchange rates?
SH: I would advise individuals and businesses to stay informed about exchange rate trends, as they can change rapidly. Utilizing local banking services can provide more stable rates, and it’s wise to conduct currency exchanges when rates are favorable. Moreover, individuals should consider diversifying their savings and investments to mitigate risks associated with currency fluctuations.
TNE: That’s valuable guidance. As we look ahead, what are your predictions for the dollar exchange rates in Iraq?
SH: It’s challenging to make specific predictions, but if the stock exchanges reopen and trading activities resume, we might see a stabilization of the rates. Additionally, broader economic factors such as government financial policies, oil prices, and international relations will play critical roles in determining the future of the dollar’s value against the dinar.
TNE: Thank you, Dr. Hasan, for your insights. It’s crucial for our readers to stay aware of these developments and understand their implications on everyday life.
SH: My pleasure! Thank you for highlighting these important issues.
Keywords: Dollar exchange rates, Baghdad, Erbil, Iraqi dinars, currency fluctuations, economic stability, finance expert.