Revealing the “reasons” for the dollar’s decline in Iraq and expectations for the next step
2023-11-14 08:09
Revealing the reasons for the dollars decline in Iraq and expectations for the next stepShafaq News/ On Tuesday, economic expert Nabil Al-Marsoumi attributed the decline in the price of the US dollar against the Iraqi dinar to what he called “good market sentiment and optimistic expectations.”
Al-Marsoumi said in an interview received by Shafaq News Agency, “The good market sentiment and optimistic expectations associated with the agreement between the US Federal Bank and the Central Bank of Iraq on a combination of policies and procedures were what was behind the recent rise in the dinar’s exchange rate against the dollar until the dollar reached 1,560 dinars.”
He added, “Although these measures have not been tested on the ground to determine the extent of their ability to narrow the gap between the official and parallel prices, therefore the price of the dollar will continue to decline for some time and then stabilize after that, perhaps close to 1,500 dinars.”
However, Al-Marsoumi expected that “the price of the dollar will rise again because the recent treatments and procedures did not address the essence of the problem, which is trade with Iran and Syria, and the problem of Iraqi travelers to Iran and Syria who are deprived of obtaining the dollar at the official rate.”
The economic expert pointed to other reasons behind the rise, which he called “the fatal duality in Iraq represented by the presence of two tax and customs tariff systems, the presence of illegal ports, weak control over official border ports, and the presence of goods that are not financed through the electronic platform, but rather through the parallel market, such as alcoholic beverages.” And cigarettes and drugs.”
Shafaq News Agency correspondent said today that dollar prices fell with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 155,500 Iraqi dinars against 100 dollars, while prices this morning were 159,500 dinars against 100 dollars.
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