A government source discloses the reasons for the sudden rise of the dollar in the Iraqi markets
A government source discloses the reasons for the sudden rise of the dollar in the Iraqi markets
2021-07-18 02:11
Shafaq News/ A source in the Iraqi government attributed, on Sunday, the rise of the dollar during the past two days to the suspension of the Central Bank auction.
The source said in an interview with Shafaq News Agency, “The rise in dollar prices in the local markets is due to the weekend that was announced for Eid al-Adha,” stressing that “this rise is temporary.”
He added that “traders will resort to the market during these days to obtain dollars to cover their imports, and thus the demand for dollars will rise in light of the bank’s auction halt.”
The source pointed out that “Iraq did not resort to floating its currency, and therefore, once the auction returns, the dollar prices will return to what they were previously,” stressing that “the central bank will work now to maintain the level of the current exchange rate for the longest possible period.”
The source noted that “the banks that submitted their requests to the bank to buy the dollar last Thursday, and these requests will be implemented at the beginning of next week,” expecting “the dollar will not rise significantly despite the length of the holiday for Eid al-Fitr.”
The dollar exchange rates rose again yesterday, Saturday and today, gradually, after witnessing a decline during the past week.
shafaq.com
