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{Baghdad: Al Furat News} The Parliamentary Finance Committee commented on the recent rise in the exchange rate of the dollar against the dinar in Iraq.
The exchange rate on the Al-Kifah Central Stock Exchange in Baghdad is currently 1270 dinars to the dollar.
“We do not know what are the reasons for the high exchange rate of the dollar or the government’s intention to raise the exchange rate of the dollar to 1,300 dinars, and this news remains unconfirmed to us, but what is certain is that the increase in demand for it raises the price,” committee member Ahmed Hajj Rashid told Al-Furat News.
He ruled out “the possibility of taking action to float the dollar in Iraq.”
It is noteworthy that what is meant by floating the currency (the dollar or other) is to make the exchange rate of this currency fully liberalized, so that the government or the central bank does not interfere in determining it directly, but rather it is automatically secreted into the currency market through the supply and demand mechanism that allows setting a price Exchange of the national currency against foreign currencies.
The owners of banking offices attributed the recent increase in the dollar’s exchange rate in Iraq to the increase in demand for it by citizens and merchants alike, with news of the Ministry of Finance’s intention to raise the dollar’s exchange rate to 1,300 dinars.
It is noteworthy that the reporter of the Finance Committee, Ahmed Al-Saffar, revealed to {Al-Furat News} the day before yesterday, Sunday, that “one of the reasons for the government delay in sending the draft fiscal budget for 2021 is that there are understandings between the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate” usually it “a sensitive issue. It must be updated in a way that does not cause inflation. ”
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{Baghdad: Al Furat News} The Parliamentary Finance Committee commented on the recent rise in the exchange rate of the dollar against the dinar in Iraq.
The exchange rate on the Al-Kifah Central Stock Exchange in Baghdad is currently 1270 dinars to the dollar.
“We do not know what are the reasons for the high exchange rate of the dollar or the government’s intention to raise the exchange rate of the dollar to 1,300 dinars, and this news remains unconfirmed to us, but what is certain is that the increase in demand for it raises the price,” committee member Ahmed Hajj Rashid told Al-Furat News.
He ruled out “the possibility of taking action to float the dollar in Iraq.”
It is noteworthy that what is meant by floating the currency (the dollar or other) is to make the exchange rate of this currency fully liberalized, so that the government or the central bank does not interfere in determining it directly, but rather it is automatically secreted into the currency market through the supply and demand mechanism that allows setting a price Exchange of the national currency against foreign currencies.
The owners of banking offices attributed the recent increase in the dollar’s exchange rate in Iraq to the increase in demand for it by citizens and merchants alike, with news of the Ministry of Finance’s intention to raise the dollar’s exchange rate to 1,300 dinars.
It is noteworthy that the reporter of the Finance Committee, Ahmed Al-Saffar, revealed to {Al-Furat News} the day before yesterday, Sunday, that “one of the reasons for the government delay in sending the draft fiscal budget for 2021 is that there are understandings between the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate” usually it “a sensitive issue. It must be updated in a way that does not cause inflation. ”
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