"The Dollar Crisis In Iraq.. Learn About The Dangers Of The Parallel Market On The Dinar", 10 AUGUST

 The Dollar Crisis In Iraq.. Learn About The Dangers Of The Parallel Market On The Dinar

Economy  2023-08-10 | Source:  Alsumaria News  2,097 views  Alsumaria News – Economics Today, Thursday, August 10, 2023, economist Nabil Al-Marsoumi revealed the dangers of the parallel market on the Iraqi dinar, at a time when the central Al-Kifah and Al-Harithiya stock exchanges in the capital, Baghdad, recorded an exchange rate of 152,000 Iraqi dinars against 100 US dollars.

Al-Marsoumi said in a post titled “The Risks of the Parallel Market,” followed by Alsumaria News, that “the widening gap between the official and parallel prices of the dollar against the dinar weakens confidence in the Iraqi dinar, reduces incentives to deposit money in Iraqi banks, and pushes savers to exchange the Iraqi dinar for dollars and gold, or by investing in the purchase of land.” And real estate leads to a rise in prices and a decrease in the real value or the purchasing power of the dinar.

Today, the two central stock exchanges of Al-Kifah and Al-Harithiya in Baghdad recorded an exchange rate of 152,000 Iraqi dinars for 100 US dollars. As for the dollar prices in exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 153,000 dinars, while the purchase price reached 151,000 dinars for every 100 dollars.

And the Central Bank of Iraq  decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance  reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary.   LINK