Financial expert: The dollar will not decrease against the Iraqi dinar with the approval of the budget
Financial expert: The dollar will not decrease against the Iraqi dinar with the approval of the budget
2023-06-11 02:41
Shafaq News/ The financial expert, Muhammad al-Hasani ruled out, on Sunday, the decline in the exchange rate of the dollar against the Iraqi dinar with the approval of the budget, stressing that the decline and rise are linked to the procedures of the Central Bank.
Al-Hasani told Shafaq News agency, “The exchange rate has nothing to do with approving the budget, but rather a monetary policy from the central bank’s mission, whose measures are supposed to lead to the stability of the exchange rate.”
He added, “Government spending with the approval of the budget will not lead to a decrease in the dollar, but on the contrary, as it will lead to an increase in the demand for the dollar because the government will spend new money for the new recruits from the beginning of issuing their orders, which are salaries accumulated for more than 6 months, and this will lead to the existence of a mass.” A lot of cash will go down to the market and it will be spent on various things, and therefore this cash block will be transferred in dollars in the purchase process because there is no national production.
Al-Hassani also pointed out that, “Some merchants have also, until now, been buying dollars from the parallel market to finance their trade, and they did not go to the bank to finance these imports for many reasons, which generated pressure on the market and an increase in demand for dollars.”
He pointed out that “government spending will be open with the approval of the budget, because it was previously restricted to spending one on 12 due to the lack of approval of the budget and with its approval it will be open, and it is also spending and part of it must be met in dollars.”
It is noteworthy that the price of the dollar against the Iraqi dinar decreased by more than two dollars with the imminent completion of the approval of the budget with all its paragraphs by the Iraqi parliament, to reach today, Sunday, 145900 compared to 100 dollars, after it was 147950 dinars compared to 100 dollars last Wednesday.
shafaq.com
