AN ECONOMIC EXPERT IDENTIFIES 5 REASONS FOR THE CONTINUOUS RISE OF THE DOLLAR AND THE FALL OF THE DINAR IN IRAQ, 13 OCT

 AN ECONOMIC EXPERT IDENTIFIES 5 REASONS FOR THE CONTINUOUS RISE OF THE DOLLAR AND THE FALL OF THE DINAR IN IRAQ, 13 OCT

Today, Tuesday (October 10, 2023), economic expert Nabil Al-Marsoumi made observations about the decline in the value of the Iraqi dinar compared to the US dollar in the “black” parallel markets, specifying (5) reasons for the occurring fluctuation.

Al-Marsoumi said in a post on Facebook, followed by “Baghdad Today”, and commenting on the measures to control exchange rates, that “The Central Bank of Iraq wants to ban cash and support electronic payment, as private banks use the cash they buy from the Central Bank to finance trade with Iran.” And Syria.”

Regarding granting the dollar to travelers, he explained that “it does not reach them, so the demand for the cash dollar increases,” indicating that “the current exchange rate crisis is not only monetary and technical, but is essentially a political and economic crisis, and those who believe and promote that the general level of prices are not affected by the rise in the parallel dollar are delusional.”

Earlier today, Tuesday (October 10, 2023) , economic affairs expert Nasser Al-Kanani warned that the dollar exchange rate would exceed the barrier of 200 thousand dinars.

Al-Kinani said in an interview with “Baghdad Today” that “if the dollar exchange rate continues to rise without real measures, the price will exceed 200 thousand at the end of this year.”

He added, “This is because the government and the central bank continue to take ill-considered decisions.”

Yesterday, Monday, the Parliamentary Finance Committee revealed its move to investigate the Jordan National Bank’s acquisition of 70% of the currency selling window in Iraq.

Committee member Moeen Al-Kazemi told Baghdad Al-Youm, “The Parliamentary Finance Committee will move to investigate the issue of the Jordan National Bank’s acquisition of 70% of the currency selling window, and we will work to host officials at the Central Bank in order to follow up on this file.”

Al-Kadhimi stated, “The government and the Central Bank are still working to launch reform packages in order to control the rise in dollar prices and end the difference in the dollar exchange rate in the parallel market, and the coming days may witness the launch of new reform packages.”