"SALEH SAID WHAT IS IMPORTANT IN THE MONETARY REFORM" BY FRANK26, 1 MAY

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FRANK26: "SALEH SAID WHAT IS IMPORTANT IN THE MONETARY REFORM".........F26

A Sudanese advisor reveals the reasons for the decline of the dollar and its proximity to the official price

 

4/28/2024

 

 The financial and economic advisor to the Prime Minister, Muhammad Mazhar Saleh, revealed today, Sunday, the reasons for the dollar’s ​​decline and its proximity to the official price.

 

Saleh said {to Al-Furat News} that: “The exchange market achieved a decline in dollar prices during the past six weeks with a rate of change in favor of the Iraqi dinar approaching 9%, and that all of these positive developments work in the interest of the strength and stability of the Iraqi dinar and this reflects positively on the general level of prices, which is still... It indicates annual growth that does not exceed 4% and is measured periodically.”

He added, "The efforts of economic policy have truly combined to impose a climate of stability in the general level of prices, which was indicated by the state of superiority of the official exchange market in financing Iraq's foreign trade in the face of the decline in the effects of the parallel market and the decline of its illegal activities in a gradual and accelerating manner now."
Saleh pointed out “a number of factors that contributed to this positive development in the exchange rate of the Iraqi dinar, as at the forefront of those factors comes the increased capabilities of operating banks to comply with external transfer rules and the high percentage of requests requested and executed in foreign currency by the private commercial sector to finance trade.” External transfer accounts for approximately 85% of the total requests from official transfer outlets.
He continued, "It is now being implemented with great speed and efficiency, compared to the previous period, which did not exceed 30% of the total desired demand for foreign currency, which then caused great pressure on the parallel exchange market, which means that the foreign currency window has now begun to meet most of the demands." The base is based on the desired dollar, at an official exchange rate of 1,320 dinars per dollar, with high flexibility and compliance, instead of illegally resorting to financing foreign trade using parallel market methods with high risks.”
Saleh added, "Also, the growing strength of Iraq's foreign reserves, which exceeded 110 billion dollars, and at the same time indicates the high standard of Iraq's commercial efficiency, which exceeds {eighteen months of imports} compared to the global standard of {three months of imports}."
In light of the above, the Sudanese advisor affirmed, saying, “The stability of external transfer operations at this level of growth and improvement will undoubtedly provide sustainability in the state of stability in the exchange market, which will undoubtedly make the parallel exchange market approach the official market.”

Today, Sunday, dollar prices recorded a decline with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 145,200 Iraqi dinars against 100 dollars, while dollar prices recorded this morning 145,700 Iraqi dinars against 100 dollars.

From: Raghad Dahham

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