Dollar maintains value above 1500 dinars in Baghdad and Erbil
Shafaq News / Baghdad and Erbil witnessed a notable surge in the exchange rates of the US dollar against the Iraqi dinar on Sunday.
According to Shafaq News Agency's correspondent, al-Kifah and al-Harthiya central stock exchanges in Baghdad reported an exchange rate of 150,500 Iraqi dinars per 100 US dollars, marking a significant increase compared to rates recorded in the morning of 150,200 dinars per 100 dollars.
Meanwhile, local currency exchange offices in Baghdad also experienced an upward trend. The selling price of the US dollar reached 151,500 dinars, whereas the buying prices reached 149,500 dinars per 100 US dollars.
In Erbil, the capital of the Kurdistan region, the stock exchange also observed a similar increase. The selling price reached 150,700 dinars, while the buying price reached 150,600 dinars per 100 US dollars.
https://shafaq.com/en/Economy/Dollar-maintains-value-above-1500-dinars-in-Baghdad-and-Erbil
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Dollar Exchange Rates Expected to Stabilize, Parallel Market Struggles to Meet Demand
Shafaq News/ Financial expert Hilal Al-Ta'an on Sunday said that the dollar exchange rate is set to stabilize at its current level in the parallel market as cash sales from the Central Bank of Iraq (CBI) are insufficient to meet domestic market demands.
Al-Ta'an, in a statement to Shafaq News Agency, said that the US dollar exchange rates might "settle at 1500 dinars in the parallel market after a slight decline."
He said that demand for the dollar remains high in the parallel market, notwithstanding the measures implemented by the Central Bank.
Al-T'an said that the international banks' auditing procedures delayed the transfers, prompting the traders to buy green banknotes from the parallel market.
"The CBI's cash sales have been low recently and, indeed, do not meet what the domestic market needs," he continued.
The exchange rate of the dollar against the Iraqi dinar dropped, hitting the threshold of 1500 dinars to one on Sunday.
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Iraq's Minister of Labor Initiates Budget Implementation Instructions
Shafaq News / The Minister of Labor and Social Affairs, Ahmed al-Asadi, announced on Sunday that this week will witness the delivery of implementation instructions for the federal budget for the year 2023 to the ministries.
Al-Asadi stated, during a press conference held to inagurate the "Iraqi Charity Lotto" project, that "the delay in issuing the implementation instructions for the general budget was due to sending them to the State Council, which, in turn, completed its review last week and sent them to the Ministry of Finance."
He added, "The Ministry of Finance will send the budget instructions to the ministries and government departments during this week."
Last Tuesday, the State Council stated that the auditing process of the implementation instructions for the budget law for the years 2023-2024-2025, Law No. 13 of 2023, was conducted in the presence of the Ministries of Finance and Planning, and relevant entities, to facilitate the implementation procedures of the aforementioned law.
It is noteworthy that the Iraqi Council of Representatives voted on the federal budget law for the years 2023-2024-2025 on Monday, June 12, after discussions that lasted for five days.
The current year's budget amounts to 197 trillion and 828 billion Iraqi dinars (approximately $152.2 billion) with a total deficit of 63 trillion dinars ($48.3 billion). As of now, the budgets for the years 2023 and 2024 have not been made public.
https://www.shafaq.com/en/Iraq-News/Minister-of-Labor-Initiates-Budget-Implementation-Instructions
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