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Sunday 27, December 2020 11:44
Baghdad / NINA / Economist Hammam Al-Shamaa described the country's economic and financial conditions as volatile and will not stabilize on a certain pattern for another period.
He said in a statement to the Iraqi National News Agency ( NINA ): "The local market has witnessed, since the devaluation of the national currency in relation to foreign currencies, especially the dollar, an accelerated rise that has not yet been calculated, to where it reaches."
Al-Shamaa added that: "If the prices of imports increase, especially the raw materials, the local merchant will be forced to raise the price of his goods sold in the market because there are no local raw materials that compete and match the imported."
He explained: "The rise in the dollar’s exchange rate, at this accelerating pace, may continue to exceed 160,000 dinars per hundred dollars, if there is no deliberate plan to stabilize it."
The sudden rise in the dollar’s exchange rate led to an increase in the prices of foodstuffs, which had a direct impact on those with limited income and earnings. / End 3
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