An expert reveals when the economic confusion due to raising the dollar will end

Time: 12/26/2020 21:30:46
 
{Baghdad: Al Furat News} The economic expert, Abdul Rahman Al-Mashhadani, suggested the end of the economic confusion in the local market after raising the dollar exchange rate by an official decision of the Ministry of Finance and the Central Bank of Iraq.

"The confusion in the market will end next week and will begin to approach the price set by the Ministry of Finance and the Central Bank of Iraq as a result of the start of withdrawal, the implementation of the demand and the stability of the balance between the official exchange rate and the local market," Al-Mashhadani said.

He favored "a rise in commodity prices up to 40% in conjunction with work on the new exchange rate of 1470 thousand dinars per hundred dollars, and there is no decrease in the price of the dollar after the recent central bank decision on raising the currency exchange."

Al-Mashhadani said, "The recovery of the Iraqi economy needs a long period, as the justifications put forward by the government are correct in the long-term talk."

He pointed out that "the government was supposed to prepare the industrial and agricultural sectors that suffer dumping and price war before announcing the decision to increase the dollar."

Last Thursday, Iraq recorded a rise in the dollar’s ​​exchange rate.

The exchange rate on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad was 1420 dinars, or 142 thousand dinars for one hundred dollars.

Yesterday's price was at 1405 dinars per dollar.

As for the exchange office prices, they also rose to 1,430 dinars for sale and 1,410 dinars for purchase.

In Erbil, the dollar rose to 1,420 dinars, and in Basra 1,410 dinars.

It is noteworthy that the Iraqi Central Bank decided on 19 December to amend the dollar exchange rate, as follows: 

1450 dinars per dollar, the price of buying foreign currency from the Ministry of Finance.

1460 dinars per dollar, the selling price of foreign currency to banks.

1470 dinars per dollar is the selling price of foreign currency to the public.

Wafa Al-Fatlawi

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