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Economist Abdul Rahman al-Mashhadani said, Thursday (May 27, 2021), that the high exchange rate of the dollar against the Iraqi dinar in the market is expected due to the continued concerns of traders and the instability of demand for foreign currency.
Al-Mashhadani told IQ News, "The rise in the price of the dollar against the dinar is expected since its exchange rate in the market was 135 thousand dinars, because the Central Bank was selling large quantities of it at the moment of the new exchange rate that was fixed in the current year’s financial budget, and traders went to buy it and thus Inflated at the time in the market.
He added, "The Central Bank then did not own the dinar and converted its sales into dollars, and its revenues were few," noting that "traders returned to import again after the official announcement of the new exchange rate, and the demand for the dollar increased little by little."
He continued, "The exchange rate of the dollar will not decrease and it is expected to increase further," pointing out that "the instability of the exchange rate so far comes as a result of the continued concerns of traders, and when the price stabilizes, the demand for it will stabilize."
The exchange rate of the dollar against the Iraqi dinar today reached 150 thousand dinars, compared to 100 dollars.