An economist explains the reasons for the rise in the dollar: it is not economic
An economist explains the reasons for the rise in the dollar: it is not economic
2023-05-09 01:50
Shafaq News/ The Iraqi economist, Dergham Muhammad Ali, said on Tuesday that the reasons for the rise in the exchange rates of the US dollar in the local market are “not economic”.
Ali told Shafaq News agency, “There are currently no economic reasons for the fluctuation of the dollar’s exchange rate,” noting that “the ones responsible for it are the intermediary banks, most of which are linked to political parties.”
And he continued, “Therefore, the stability of the exchange rate depends on the agreement of the political blocs with the government, which makes the price stabilize whenever there is political stability,” explaining, “If they want the price to stabilize near the official price, the intermediate link must be removed by offering the dollar through the ATM.” (ATM) under the supervision of the Central Bank, and with a maximum daily or weekly withdrawal limit, to prevent the withdrawal of large amounts and market manipulation.
An automated teller machine (: Automated teller machine, abbreviated ATM) is an electronic device that provides customers of financial institutions with conducting financial transactions in public places as an alternative to the need for an employee, and among the financial operations that are allowed to be performed through an automated teller machine is access to bank accounts, cash withdrawals and knowledge of balances accounts, and deposit cash too.
Dollar prices rose in the parallel market during these days to reach 145,000 dinars compared to 100 dollars, despite the central bank feeding foreign transfers fully in addition to meeting the cash demand.
shafaq.com
