What are the reasons for the high exchange rates of the dollar? .. A government source answers
What are the reasons for the high exchange rates of the dollar? .. A government source answers
2022-04-10 02:53
Shafaq News/ On Sunday, a source in the Iraqi government attributed the rise in the exchange rates of the dollar against the dinar to reducing the shares of companies participating in the Central Bank auction.
The source, who asked not to be named, told Shafak News Agency, “The gradual rise in dollar exchange rates during these days is due to the reduction in the shares of companies participating in the window for buying and selling foreign currencies,” noting that “the reduction process affected the lack of supply and increased demand in the markets.” local”.
And he added, “The share of a class A exchange company weekly has become one million and 500 thousand dollars after it was 2 million and 200 thousand dollars per week, and the share of class B has become 500 thousand dollars per week after it was 750 thousand dollars per week, while the share of class C companies has become, is $50,000 a week, down from $70,000 a week.
The source pointed out that “there are other factors that also affected the rise in the price of the dollar against the dinar, which is the extensive buying and selling process in the month of Ramadan,” adding at the same time that “these prices will not rise more than 150 thousand dinars compared to 100 dollars as a result of the Central Bank continuing to sell the dollar.” Through its daily auction, as well as the bank’s ability to curb any undesirable rise through its financial policy.
At the end of 2016, the Central Bank of Iraq began to adopt specific weighting criteria related to the participation of banks in the foreign currency sale window (the dollar), by evaluating and categorizing them into three categories: A, B and C.
The exchange rates of the dollar in the local markets rose during the past days, to record the dollar on the Kifah Stock Exchange, 147,700 dinars, compared to 100 dollars.
shafaq.com
