Financial expert reveals reasons for dollar rise and expects new rise in exchange rate
Financial expert reveals reasons for dollar rise and expects new rise in exchange rate
2024-07-09 05:46
Shafaq News/ The official spokesman for the currency market in Sulaymaniyah, Jabbar Kuran, revealed today, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market.
Jabbar Kuran said in a statement to Shafaq News Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq.”
He added, “The Central Bank of Iraq took some good measures in the past, but the increase that has occurred now is due to other measures that the Central Bank has not taken yet, including that the bank decided that foreign dealings are not limited to the US dollar only, but this measure has not been taken yet, as well as not linking all banks to the electronic platform and stopping work on it with the exception of only seven banks, which do not accommodate the foreign trade exchange process that reaches about 50 billion dollars annually, and I do not expect that these seven banks will accommodate this volume of trade exchange.”
He pointed out that “one of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in the injection of cash by the Central Bank of Iraq, except for this day.”
He explained that “the demand for the dollar these days is abnormal, and I do not expect that opening a window to exchange dollars for travelers at airports will be a reason for the rise in the dollar exchange rate, even though now is the travel season.”
He explained that “the large number of exchange offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 exchange companies in Iraq and about 2,500 companies in Kurdistan so far that have not merged with each other to reach about 400 actual companies, so all of these companies and offices need more than 50 million dollars daily.”
Kuran stressed that “the rise of the dollar this time is not linked to a political or economic crisis or external factors, but rather is linked to the measures of the Central Bank of Iraq, and it is possible that the bank will control this rise,” expecting the dollar exchange rate to rise to more than 150 thousand dinars for every 100 dollars, while ruling out at the same time that it will reach high levels as happened in the past periods.
shafaq.com
