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The consultant said in a statement to (Baghdad News) that reaching the ceiling of 1500 to exchange the dollar against the Iraqi dinar is a first step in order to provide cash liquidity to the government.
He indicated that this comes within the framework of the government’s attempt to compensate for the lack of oil imports and to provide cash in local currency.
The economic expert, Ihssan Al-Kinani, had made it clear that the exchange rates of the dollar began to rise since the announcement of the financial crisis, although it was an imperceptible rise, pointing out that Iraq recorded a rise in exchange rates during the current period, which is what the government should rectify because this is not in the interest of The people.
Al-Kinani said in a press statement, "The announcement of the decline in the Iraqi monetary reserve of foreign currency, is nothing but a clear message to legitimize the raising of the exchange rate of the dollar against the Iraqi dinar in order to compensate for oil losses due to lower prices, as well as to overcome the contrived financial crisis."
The Governor of the Central Bank of Iraq, Mustafa Makhaif, had previously expected a decline in Iraqi foreign reserves during the coming period.
For her part, the economic expert, Salam Sumaisem, in a statement on (October 10, 2020), expected an increase in the exchange rate of the US dollar against the Iraqi dinar as a result of increased demand for it, while noting that the rise in the price of the dollar would lead to an increase in food prices.
Member of the Parliamentary Finance Committee, Naji Al-Saeedi, indicated in a previous statement that “the shift from the fixed exchange rate to the creeping exchange rate, especially in periods of financial instability, will have a very negative impact on the expectations side, as if the price is raised to a point or two, it may It affects four or five points in the market, and this has negative effects on low-income and simple citizens.
The exchange rates of the dollar against the Iraqi dinar have led to a remarkable rise in the main stock market and local markets. Last Thursday, the Kifah Stock Exchange recorded 124,400 dinars for every 100 US dollars, while the dollar exchange rates last Wednesday recorded 124.100 dinars per 100 dollars.
Last Thursday, money transfer companies in Iraq sold every $ 100 for 1,250.00 Iraqi dinars, while they bought it for 124,000 dinars.
This comes at a time when the Central Bank of Iraq announced the expansion of the sale of dollars in the currency auction and the inclusion of exchange offices, under the principle of preserving the exchange rate, while the facts indicate that the continuation of the currency auction selling at the official price (1190) dinars per dollar until last Thursday, pours In the interest of private banks and speculators in the currency on the black market, who sell dollars at prices higher than the usual exchange rates.
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