2023-06-15 09:06:10
Baghdad / Obelisk Al-Hadath: The appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, suggested that the exchange rate of the dollar would gradually decline with the approval of the budget.
Saleh said, in a press statement followed by the obelisk, that “the delay in enacting the budget law delayed fixing the new official price and thus was reflected in the exchange rate of the dollar, in addition to the increased demand for the dollar and the high spending in the Iraqi currency by citizens, merchants and the government.”
He added, “Iraq currently has very good hard currency cash reserves, which are at the highest levels in Iraq’s history.”
Saleh pointed out that “after voting on the budget law, and fixing the official price at (1300), the coming days will witness a gradual decrease in the dollar exchange rate in the parallel market, until the official price is reached.”
Oil prices rose today, Thursday, to recoup some of the losses incurred the day before on concerns about a future US interest rate hike, as markets are now looking forward to important Chinese economic data for demand indicators.
Brent crude futures rose 21 cents, or 0.3 percent, to $73.41 a barrel by 0009 GMT.
US West Texas Intermediate crude was $68.50 a barrel, up 23 cents, or 0.4 percent.
The benchmark fell 1.5% on Wednesday after expectations from the US Federal Reserve of more rate hikes this year raised fears that higher interest rates could slow the economy and lower demand for oil.
Higher interest rates also support the rise of the dollar, making commodities denominated in the greenback more expensive for holders of other currencies.
The dollar rose 0.5 percent against a basket of currencies in early trading on Thursday.
Obelisk – follow-up – agencies
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