US Dollar Strengthens Against Iraqi Dinar in Baghdad and Erbil Markets, 16 nov
In a noteworthy economic development, the US dollar has seen a significant rise in value against the Iraqi dinar in the markets of Baghdad and Erbil. The exchange rate in Baghdad’s Al-Kifah and Al-Harithiya stock exchanges hit 157,850 dinars for 100 US dollars, escalating from the earlier rate of 156,500 dinars. Responding to this change, local exchange shops in Baghdad revised their rates, with the selling price surging to 158,750 dinars and the buying price set at 156,750 dinars for every 100 US dollars.
Impact on Erbil’s Market
In Erbil, the market too demonstrated similar behavior, with the selling price recorded at 158,500 dinars and the purchasing price at 158,400 dinars for every 100 US dollars. These fluctuations in currency exchange rates offer a mirror to the economic dynamics within Iraq and hint at potential implications for various sectors, including business and trade.
Factors Influencing Currency Fluctuations
Economic expert, Nabil Al-Marsoumi, forecasts a future spike in the dollar’s price, attributing it to unresolved issues related to trade with Iran and Syria. Contributing factors such as the dual tax and customs tariff systems in Iraq, unauthorized ports, inadequate control over official border ports, and the distribution of goods beyond the electronic platform, also play a significant role in these currency rate fluctuations.
Relevance and Implications
The surge in US dollar prices in both Baghdad and Erbil markets holds high relevance, underscoring the intricate dance of global economics. These fluctuations not only affect the Iraqi economy but also hold implications for international trade and finance, making it a topic of global relevance. As the situation continues to evolve, market watchers and stakeholders alike will be keeping a close eye on this economic saga.
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