An economist reveals the reason for the rise in the price of the dollar in the local markets
An economist reveals the reason for the rise in the price of the dollar in the local markets
2023-03-02 05:13
Shafaq News/ The economist, Nabil Jabbar Al-Tamimi, revealed, on Thursday, the reason for the rise in the exchange rate of the dollar again in the local market, despite government measures and the Central Bank of Iraq to control prices.
Al-Tamimi told Shafaq News agency, “Despite the increase in the indicators of the Central Bank of Iraq’s daily sales of dollars, related to remittances and credits, which seem good and growing in a promising way, as they increased from an average of 30 million dollars per day to 100 million dollars per day, which is a matter of optimism. The problem is still associated with small traders,” he said.
He explained that “small merchants are still making their transfers away from the banking system and away from the (platform) by buying dollars and transferring them through private offices that conduct transfers illegally, which caused an increase in demand for dollars locally and contributed to its rise, in light of the limited supply practiced by the government and the bank.” Central to stop the phenomenon of the state in the local market.
And he indicated that “preliminary estimates of the volume of trade for small merchants may be in the range of 50-70 million dollars per day, of which about 20 million dollars go to Iran to feed private imports from Iranian merchants.”
Al-Tamimi continued, “These estimates may be outside the platform until today, and the large price difference between the official price of 1310 and the parallel price of 1570 may prompt small merchants to adapt their situation faster to conduct their transfers through the platform.”
The economist stressed, “Imports from Iran and the financial payment to Iranian merchants (up to 20 million dollars per day) remain a permanent problem for reasons related to sanctions on Iran and the inability to pass bank transfers towards it, which requires the central bank and the government to deal with it.”
The price of the dollar in the local market witnessed a noticeable decrease below 1,500 dinars per dollar after the Council of Ministers approved the decision of the Central Bank of Iraq to reduce the official price of the dollar to 1,300 Iraqi dinars, but it rose again to reach today 1570 dinars per dollar.
shafaq.com
