19 hours ago
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An economist explained the difference of the Iraqi market from its global counterpart after the turmoil in the exchange rate of the dollar against the dinar for days, its rise and its reflection on local prices.
Nabil Al-Marsoumi said in a press interview seen by “Takadam” that “the Iraqi market differs from the rest of the global markets. When the dollar rises, gold and stocks decrease, but in Iraq, gold is linked to dollar prices.”
And between, "The fluctuations in the exchange rates of the dollar and gold are disturbing and costly to the citizen, and it seems that the Central Bank of Iraq needs more effective measures and the need for the exchange rate to return to what it was in the past."
Finance Minister Taif Sami announced, in a press interview published today, the formation of a committee on the file of the rise in the exchange rate of the dollar, and it will be presented to the Council of Ministers to vote on new matters, noting that “the talk about the American side’s intention to impose restrictions and sanctions on the banking sector and others is unfounded.” .
And she indicated that “there is a platform and a joint system between the federal and central banks that were supposed to work on it since 2018, but the work has been applied for audit purposes now, and that the application of the platform caused a temporary rise in the exchange rate and it will return to its normal stability.”
Sami pointed out, "Other measures are being taken to address the high exchange rate, including working on customs exemptions and providing facilities to merchants to prevent smuggling and extortion."
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