A specialist identifies the reasons for the decline in the value of the dollar against the Iraqi dinar
Shafaq News/ The official spokesman for the currency market in Sulaymaniyah, Jabbar Gorran, revealed today, Monday, the reasons for the decline in the value of the US dollar against the Iraqi dinar, pointing to the importance of the visit of Iraqi Prime Minister Muhammad Shiaa Al-Sudani to the American capital, Washington.
Kuran told Shafaq News Agency, “The main reason for the decline in the value of the dollar against the dinar is the impact of the Sudanese visit to Washington, which led to an increase in American support for the Iraqi economy, and the optimism of the American parties regarding infrastructure and government reforms in the banking system in Iraq.”
He added, “The dollar has declined against the dinar in recent days due to a number of factors, the most important of which is the use of smart cards that enable business account holders to withdraw dollars abroad, which is a good reason for the decline in the value of the dollar.”
According to Kuran, the other reason for the decline in the value of the dollar against the dinar is the visit of Turkish President Recep Tayyip Erdogan to Baghdad, which resulted in several agreements on a number of issues, including that trade exchange be in the Iraqi dinar and the Turkish lira, indicating that the volume of trade exchange between Iraq and Turkey ranges Between 20 and 24 billion dollars annually, and dealing in the dinar and the Turkish lira will reduce the demand for the dollar.
He stated that “all transactions with countries previously were in US dollars, but according to recent agreements, Iraq will be allowed to use other currencies in its transactions. In recent days, a delegation from the Central Bank of Iraq visited Saudi Arabia and it was agreed that future exchange would be in the currency that is dealt with in that country.” “.
Kuran pointed out, “Previously, when citizens received their salaries, they converted part of their salaries into dollars to pay off housing or car loans or any other money owed to them, but now most of these transactions have been converted into the local currency, so people do not need dollars.” .
He pointed out, “It is unlikely that the dollar will fall below 1,400 dinars per dollar because it is too early and the central bank has reached its goal, but it may reach 1,420 dinars per dollar.”
Shafaq News Agency correspondent reported this morning that dollar prices declined with the opening of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 144,750 Iraqi dinars for every 100 dollars, while yesterday, Sunday, dollar prices recorded 145,700 Iraqi dinars for every 100 dollars.
Our correspondent indicated that the selling prices in the exchange shops in the local markets in Baghdad decreased, as the selling price reached 145,750 dinars, while the purchasing price reached 143,750 dinars for every 100 dollars.
In Erbil, the dollar also recorded a decline in banking shops, where the selling price reached 145,200 dinars against the dollar, and the purchase price reached 145,100 dinars against 100 dollars.
shafaq.com