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Economist: Oversupply and local deflation are behind the dollar's decline
- Time: 03/25/2024
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{Economic: Al-Furat News} An economic expert attributed the decline in the dollar exchange rate to the state of deflation in local markets.
Bassem Jamil Antoine told Al-Furat News Agency, “The explanation behind the recent decline in dollar exchange rates, despite the approaching Eid al-Fitr, is due to the government’s tendency towards offering and displaying large quantities of dollars in the markets, as about less than a billion dollars were sold recently.”
He stated that "supply quantities in general work to reduce prices in the absence of significant economic activity."
Antoine added, "Now the purchasing power of citizens has decreased greatly, and the apathy and shrinkage are the result of the arrival of security teams to monitor the markets and the lack of citizens' desire to shop and buy."
It is noteworthy that the currency markets and local stock exchanges for selling foreign currency have been witnessing for days a decline in the exchange rate of the dollar against the dinar, as it reached 1,470 dinars to the dollar today, Monday.
The Central Bank of Iraq sells the dollar at the official rate of 1,320 dinars.
He stated that "supply quantities in general work to reduce prices in the absence of significant economic activity."
Antoine added, "Now the purchasing power of citizens has decreased greatly, and the apathy and shrinkage are the result of the arrival of security teams to monitor the markets and the lack of citizens' desire to shop and buy."
It is noteworthy that the currency markets and local stock exchanges for selling foreign currency have been witnessing for days a decline in the exchange rate of the dollar against the dinar, as it reached 1,470 dinars to the dollar today, Monday.
The Central Bank of Iraq sells the dollar at the official rate of 1,320 dinars.
Raghad Dahham
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