Rumors are putting pressure on the currency market and disrupting prices
The exchange rate of the dollar against the Iraqi dinar continues to rise, despite recent developments in the Middle East region. Economic experts attribute this to a set of overlapping internal and external factors, most notably increased demand and speculation in the market, in addition to regional tensions and regulatory measures.
Economic expert Walid Al-Agili said that the rise in the dollar is mainly due to increased demand for it, explaining that “speculation and rumors in the market play a major role in raising the price, as some traders and money changers stockpile dollars with the aim of selling them later at a higher price.”
He added that the spread of unconfirmed news about regional situations, such as talk of continued tensions or the closure of some trade routes, is driving individuals and traders to buy dollars as a hedge, exacerbating pressure on the market. Al-Agili pointed out that restrictions on foreign transfers and tightened financial procedures have also contributed to reducing the official supply of dollars, pushing some of the demand into the parallel market and thus driving up prices.
For his part, Professor of International Economics Nawar Al-Saadi explained that the political fluctuations in Iraq and the region are directly reflected in the exchange market, indicating that “the recent regional tensions have brought back a state of uncertainty to the markets, which has led to an increase in demand for the dollar globally and locally as a safe haven currency.”
He added that the heavy reliance on oil as a primary source of foreign currency makes the Iraqi economy more sensitive to any disruptions or concerns regarding its flows.
In conclusion, experts believe that the continued rise of the dollar is not linked to a single factor, but rather is the result of an interaction between local speculation, increasing demand, regional conditions, in addition to financial policies and regulatory procedures within the country. link
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