An economist reveals who is behind raising the dollar and evaluates the central bank’s action
An economist reveals who is behind raising the dollar and evaluates the central bank’s action
06/10/2021 14:42:43
An economic expert revealed who is behind the rise in the dollar exchange rate in the Iraqi markets for several days.
Bassem Jamil Antoine told {Euphrates News}, “There is demand and supply, so the demand for the dollar is still in line, but there is manipulation by some personalities who exploit the process greatly, in addition to banks that exploit and monopolize this process in selling the dollar to them, although the commercial demand is limited and not so.” The level is what causes the dollar to rise.”
He pointed out that “the Central Bank of Iraq’s action to sacrifice larger quantities of dollars through the currency sale window, as it wants to feed the growing demand and limit the increase in supply and large demand,” stressing that “the banks trade in the process and benefit from it.”
He added, “The increase in central bank sales for the purpose of reducing the price of the dollar because there is a rise in prices and monetary inflation, so the bank tries to stabilize the financial market and prevent and limit speculation, pumping quantities and creating a balance between supply and demand because economic activity in general is weak and not at the required level.”
It is noteworthy that the local markets in Iraq have witnessed a significant rise in the exchange rate of the dollar for days, which exceeded more than 1500 dinars.
The Central Bank also sold through the currency auction, and for the second day, the highest amount of the dollar, as it exceeded today, Thursday, 218 million dollars, which is an unprecedented amount since the bank raised the price of the dollar on January 19 last.
alforatnews.com
