A SPECIALIST IDENTIFIES THREE REASONS FOR THE RETURN OF THE DOLLAR’S RISE AND CONFIRMS: THE SOLUTION IS IN THE IRAQI STOCK MARKET
Today, Monday, Saif Al-Halafi, a specialist in financial and banking affairs, identified three reasons for the return of the rise in dollar exchange rates in local markets, while placing the Iraqi Stock Exchange as an essential part of resolving this rise.
(Mnt Goat – opps!!! There’s a Pillars of Financial Reform…. 😊 they keep talking about. Get it yet? )
Saif Al-Halafi, a specialist in financial and banking affairs, said, “The reason for the return of the dollar exchange rate in local markets is that during the previous banking work that we have gone through until now, the Iraqi economy is rentier and depends on foreign imports.” Noting that, “The Iraqi citizen is a development citizen, and increasing the lives of Iraqis and forming new families needs supplies, and the latter are needed by the citizen, which forces him to buy dollars.”
Al-Halafi added to Al-Mada, “We do not have a national industry in the country, but neighboring countries have deliberately sent their goods.” Pointing out, “The price of the dollar must be raised against foreign imports so that the Iraqi and Arab continuation is encouraged to establish industries in Iraq.”
Many of those who order to buy the dollar are those speculators who benefit from the temporary speculation that occurs from time to time.
He confirms, “The other basic problem is the large demand for the dollar due to the weakness of national industries, random imports, and the challenges of neighboring countries, as their trade balance is high by sending goods to Iraq.”
He explains, “Many speculators deliberately buy and sell the dollar as a form of profitable trading.” He attributed the reason for this to “the lack of supportive sectors that encourage investment and provide opportunities for that, which in turn reduces the demand for the dollar, as many of those who demand to buy the dollar are those speculators who benefit from temporary speculation.” that happens from time to time.”
He continues, “We hope that the government will encourage dealing with the Iraqi stock market, which creates job opportunities through speculation in Iraqi stocks, which in turn is considered a way to eliminate or reduce speculation in dollars, which provides profits valued in Iraqi dinars , while if they are in dollars, they create commercial opportunities for The path of speculation in the dollar, which will lead to exhausting the national economy and the central bank, which will try to reduce and address its rise in a way that allows it to “Sell large quantities of imported dollars.” He added that “speculators must be withdrawn and transferred to speculation in Iraqi stocks through the Iraqi Stock Exchange.”
The prices of the US dollar rose against the Iraqi dinar, today, Monday, in the Baghdad and Erbil markets with the closure of the Iraqi stock exchanges, where the prices of the dollar recorded an increase to reach 147,850 dinars against 100 dollars, while this In the morning it recorded 147,650 dinars against 100 dollars, while the first increase in prices was recorded. The dollar, after a continuous decline, reached 147,300 dinars against 100 dollars.
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