July 4, 2024 Baghdad/Iraq Observer Economic expert Ziad Al-Hashemi warned, today, Thursday, of the collapse of the Iraqi dinar against the US dollar in light of the presence of rising factors.
Al-Hashemi said in a blog post on the (x) platform, followed by “Iraq Observer,” that
“(dollar exchange rates) are on the threshold of 1,500 dinars and are likely to rise further, after the US Federal Reserve banned Iraqi remittances in Chinese yuan, due to suspicions of smuggling, money laundering, and financial fraud.”
He added: “It is expected that this ban will cause an increase in demand for the cash dollar within the parallel markets, and this may push the Iraqi Central Bank to return to implementing more stringent measures that will increase the state of anxiety and turmoil in the markets.” Al-Hashemi continued:
“During this week, we witnessed the cessation of selling the dollar to travelers through approved banking companies and restricting it to sales outlets inside the airport only.
This measure will cause more rapid demand for the dollar from the parallel market, especially with the start of the travel season.” He continued: “As I mentioned in previous attached tweets, the Iraqi Central Bank has not been able, more than 18 months after the exchange rate crisis, to dismantle and solve the exchange rate problem, as the factors of rising exchange rates are still effective and influential.”
He pointed out that “what happened in the last period was merely a postponement of the moment of the collapse of the dinar against the dollar, by numbing the markets with an imaginary stability as a result of a huge sale of the dollar that could decline sharply with any decision from the Federal Reserve that turns the tables on the central bank’s actions, and this is what happened today.” https://observeriraq.net/عاجل-خبير-اقتصادي-يحذر-اقتربنا-من-لحظة/
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