The Sulaymaniyah Stock Exchange responds to the statement of the Sudanese advisor regarding the dollar exchange rate, 8 JAN

The Sulaymaniyah Stock Exchange responds to the statement of the Sudanese advisor regarding the dollar exchange rate

Shafaq News/ The official spokesman for the stock market in Sulaymaniyah, Kuran Jabbar, expected on Monday that the exchange rate of the US dollar in the parallel market would not come close to the government pricing.

Jabbar told Shafaq News Agency, “Everyone hopes that the dollar exchange rate will approach the government pricing, but there are reasons that prevent this from being achieved,” noting that “Mazhar Muhammad Saleh’s expectations were since the beginning of 2023, but we have seen the fluctuations that the dollar exchange rate has experienced.” During the past year.”

He added, “The main reason that makes us not expect the foreign currency exchange rate to be close to the government pricing is the banking system in which the Central Bank of Iraq deals,” noting that “merchants are now required to open bank accounts in Iraqi banks for the purpose of withdrawing the dollar at the government pricing in order to control On the volume of transactions in dollars, and this mechanism requires that there be a difference between the government exchange rate and what is in the market.”

He continued, “If the exchange rate stabilizes, it is possible that the dollar will be purchased on the black market, and thus the government will lose control over the foreign transactions of the process, in addition to not benefiting from taxes and fees regarding dollar transactions by companies in banks.” He stated, “Now there are 80% of merchants who have opened bank accounts in Iraqi banks at a time when a year and two months ago there was no bank account for any merchant in banks, and this system is what requires that there be a difference between the exchange rate and the pricing, but it is possible that it will stabilize.” The exchange rate if the dinar is dealt with in all commercial transactions in Iraq, as well as if other foreign currencies are dealt with.”

Jabbar expected that the price of the dollar would stabilize with a difference of 15 thousand dinars from the government price, but this needs time.”

The Iraqi Prime Minister’s advisor for financial affairs, Mazhar Muhammad Saleh, confirmed last Saturday that the dollar exchange rates in the parallel market will fall to 135,000 for every 100 dollars in the near future.

The media advisor to the Iraqi Prime Minister, Hisham al-Rikabi, had previously stated that the exchange rates of the US dollar against the Iraqi dinar would reach the official price soon, pointing out that the government’s battle with foreign currency speculators was nearing its end.

shafaq.com