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Speculation and lack of supply contribute to raising the price of the dollar
Economical 10/09/2023
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Baghdad: Al-Sabah
The dollar exchange rates have disturbed the atmosphere of the economic steps that various government agencies continue to achieve, especially the implementation of various service projects in Baghdad and the governorates, which have witnessed remarkable progress in completion rates, while the “green currency” recorded an exchange rate of approximately 158,500 thousand dinars for every 100 dollars, An economic expert expressed his fear that the dollar would continue to rise as a result of speculation, lack of supply, and the delay in meeting the needs of travelers.
Amid this, the Central Bank continued its efforts aimed at undermining the price of the dollar and limiting its rise, as its sales in the foreign currency sales window amounted to more than 195.5 million dollars.
According to the Central Bank’s dollar sales schedule, according to a statement issued yesterday, it included the participation of 25 banks and 47 exchange companies, while the amounts covering foreign transfer requests amounted to $156 million, and cash requests more than $39 million.
The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, and at a price of 1,310 dinars per dollar for external transfers and cash sales.
In addition, economic affairs specialist Fouad Al-Hasani believes that the exchange rate is the price of the monetary value of one currency against another currency, as that price is determined against the dollar and estimated by the global foreign exchange market and economic factors, indicating that there are a number of factors that affect the exchange rate, including: supply. And demand: If the demand for the dollar increases compared to the other currency, its value will rise, and if the supply of the dollar increases compared to the other currency, its value will decrease.
Al-Hasani pointed out that the other factor that affects the exchange rate is “the main interest,” as interest rates vary between countries. The higher the interest is in a particular country, this may attract more foreign investments and thus increase the demand for its currency, indicating at the same time “Political and economic stability” represents the most important factors for the stability of the exchange rate, as political or economic turmoil can affect investor confidence and lead to fluctuations in the exchange rate of its currency.
In turn, economic affairs specialist, Ahmed Maklaf, expressed his fear that the dollar exchange rate will continue to rise in the coming periods, attributing this to the expanding demand for the green currency to finance trade with some countries not included in the central bank’s financial transfers.
Maklaf pointed out that the increase in demand for the dollar is also due to the delay in financing the needs of travelers, many of whom are forced to buy the dollar from parallel markets due to the failure of banks and specialized exchange offices to meet their requests, which has directly contributed to raising its value against the dinar, stressing that “ The speculative market is still active despite the strict measures taken by various government agencies to limit the effects of that market.
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