Economist: Two Parties Benefit The Most From Changing The Exchange Rate
Economist: Two Parties Benefit The Most From Changing The Exchange Rate
12/09/2021 | 5:21 PM
Information / Baghdad..
The economic expert, Manar Al-Obaidi, stated, on Thursday, that companies and banks are the biggest beneficiaries of the exchange rate change that took place at the beginning of this year.
Al-Obaidi said, in a post on his Facebook page, which was followed by the “Information” agency, “At the beginning of 2021, the exchange rate of the dinar against the dollar was changed, and one of the goals was to reduce the differences between the official exchange rate and the exchange rate in the local market.”
He added, “Depending on the data of the Central Bank of Iraq, the value of sales in central dollars from the beginning of 2021 until October 2021 amounted to about 29 billion US dollars, a decrease of 20% compared to 2020 and by 31% compared to 2019, but it is still higher than the sales of the Central Bank for the year 2016 which amounted to $26.5 billion.
He pointed out that “the percentage of differences between the central exchange rate and the exchange rate in the local market amounted to 1.82%, and the value of the differences until October of this year amounted to 526 million US dollars, a decrease of 52% compared to 2020, where the value of the differences was 1.11 billion US dollars, but the differences increased.” Compared to 2019, by 13%, where the value of the differences was 464 million US dollars.”
He continued, “The year 2015 was the highest in differences, as it amounted to 2.6 billion US dollars at the time, or 7.41% of the total sales. Therefore, reaching 1.82% is considered an achievement in reducing the value of the differences significantly.”
He considered that “these differences made profits for many banks and companies that benefited from these amounts, especially in the years (2015, 2016 and 2017), where the percentage of differences exceeded 7%.”
He pointed out that “the total differences between 2010 and 2021 amounted to more than 18 billion US dollars, representing 4% of the total sales of the Central Bank, which amounted to 450 billion US dollars.” finished/25h
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