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Economist: Kurdish traders' entry into the dollar selling platform contributed to lowering the exchange rate - Urgent

8/31/2024

Baghdad

Today, Saturday (August 31, 2024), the economic expert and academic at Cihan University, Nawar Al-Saadi, said that Kurdish traders benefited from the Iraqi government’s official dollar selling platform and contributed to reducing the exchange rate.

Al-Saadi told Baghdad Today, "There is an entry of traders from the Kurdistan Region into the official dollar selling platform, and these traders benefited from obtaining the dollar at the official exchange rate, instead of buying from the parallel markets that witness higher prices," indicating that "this influx of dollars into the market contributed greatly to increasing the supply, which led to reducing the price."

“The issue is not limited to this factor alone, as Iraqi markets suffer from frequent fluctuations due to economic and political instability, and speculators exploit any change in the market to achieve quick gains, which increases chaos in the exchange market,”  he added, noting that “rumors about possible changes in the exchange rate have prompted many to sell the dollar at low prices for fear of future declines, which has increased pressure on the dollar price.”

Al-Saadi said, "There are ongoing discussions between the Central Bank of Iraq and the US Federal Reserve, which could have a significant impact on the exchange rate," stressing that "the results of these meetings will be decisive in determining the future direction of the dollar price in the Iraqi market. If specific agreements are reached, we may see significant changes in the exchange rate based on those results."

It is noteworthy that the financial affairs specialist, Nabil Jabbar Al-Tamimi, confirmed on Saturday (August 3, 2024) that the dollar exchange rate in the parallel market will remain higher than the official price due to the failure of the Central Bank to find solutions for black transfers.

Al-Tamimi told Baghdad Today, "The continued rise in the dollar exchange rate in the parallel market is due to the continuation of black transfers to finance some foreign trade by some merchants, without finding any solutions for these merchants by the Central Bank of Iraq."

He explained that "the Central Bank of Iraq is required to find quick solutions and procedures for these traders, especially small traders, who have almost daily trade with Iran, Syria and some other countries banned from dealing in dollars."

He pointed out that "these traders are moving towards the black market in order to finance their trade, and this is what leads to the exchange rate remaining high in the parallel market by a large difference from the official price, and this is the responsibility of the Central Bank, as it is responsible for this file."

The dollar exchange rate returned to rise relatively today, touching 150 thousand on the stock exchange, maintaining this level since Eid al-Adha, where it rose from 1450 dinars to around 150 thousand dinars or less, and has stabilized in this range until now.

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