Economist: The dollar exchange rate will be equal to the government price early next year
Economist: The dollar exchange rate will be equal to the government price early next year
2023-11-08 07:59
Shafaq News/ Academic and economic expert Dr. Khaled Haider expected Tuesday, the price of the dollar to stabilize against the Iraqi dinar, close to government pricing, with the start of next year.
Dr. Khaled Haidar said in a statement to Shafaq News Agency, that the current political situation is directly linked to the financial and economic situation of the region, and the recent events in Gaza and the accusations directed at Iran of supporting Hamas are all reasons that make citizens expect that this situation will affect the economic situation, including the financial one, since Iraq It is an important economic region for Iran because a portion of the foreign currency goes to its eastern neighbor.”
He pointed out that “administrative and financial corruption in Iraq plays a major role in the exchange rate difference, especially those who benefit from this difference, which prompts the Central Bank of Iraq to pump large amounts of dollars into the currency auction, ranging from 200 to 250 million dollars daily to cover the market’s need for currency, in While the actual daily need ranges between $190 to $200 million, the bank is pumping more than that in an attempt to control the exchange rate.”
Haider stated, “Near-term expectations may be inaccurate, but it is expected, and according to a scientific economic reading, that the price of the dollar in the markets will approach the government pricing at the beginning of next year after the implementation of the Central Bank of Iraq’s decision to ban financial transactions in anything other than the Iraqi dinar, and this will make the Iraqi dinar More powerful in local markets.
Regarding the impact of the fluctuation of the dollar exchange rate on the citizen, the economic expert confirmed that this “reflected negatively on the citizen, as today the exchange rate of 100 dollars reached more than 164 thousand Iraqi dinars, especially if we take into account that until the year 2020 the official exchange rate was 118 thousand dinars for 100 dollars, while it currently ranges above 160 thousand dinars. Certainly, this disparity is reflected in the prices of consumer goods, since Iraq is a consuming country.”
Earlier today, Shafaq News Agency correspondent said that dollar prices fell with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 165,250 dinars against 100 dollars, while prices this morning were 166,000 dinars against 100 dollars.
shafaq.com
