"ANALYSIS OF IRAQ NEWS: "AND WHAT IS THE RESULT OF THAT... A NEW EXCHANGE RATE TO ADD VALUE TO THE NATIONAL CURRENCY" BY FRANK26, 5 MARCH

 KTFA

FRANK26: "AND WHAT IS THE RESULT OF THAT... A NEW EXCHANGE RATE TO ADD VALUE TO THE NATIONAL CURRENCY"............F26

A government advisor to Al-Ghad Press: Dollar prices in the markets will gradually decline

3/4/2024
 

The financial affairs advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Monday, that the dollar exchange rates in local markets will gradually decline  . 

Saleh said in an interview with Al-Ghad Press, “The demand for foreign currency to finance Iraq’s foreign trade for the private sector and government trade amounts annually to approximately 60 billion dollars .”

He added, "More than 95% of Iraq's foreign trade is financed through the compliance platform in accordance with international standards, and accordingly goods and merchandise flow into the country through the official exchange rate of 1,320 dinars per dollar ."

He continued, "Foreign trade depends on the parallel market at a rate of 5%," pointing out that "the percentage referred to will not affect the local market, especially after the decline in the general level of prices, which does not exceed 4 percent annually ."

He pointed out that "the current monetary and trade policy will provide a gradual reduction between the official and parallel exchange rates, especially after the banking system adapted to the rules of international trade and the principles of financing foreign trade, all of which began to serve the interest of the stability of the national economy ."

Today, Monday, the capital, Baghdad, witnessed a decline in dollar exchange rates with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 149,850 Iraqi dinars against 100 dollars.

LINK