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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Traders explain the repercussions of the rise of the dollar on the Iraqi markets

    Rocky
    Rocky
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    Traders explain the repercussions of the rise of the dollar on the Iraqi markets Empty Traders explain the repercussions of the rise of the dollar on the Iraqi markets

    Post by Rocky Sat 07 Jan 2023, 7:21 am

    [size=30]Traders explain the repercussions of the rise of the dollar on the Iraqi markets
    [ltr]2023.01.07 - 08:32[/ltr]
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    Baghdad - people  
    Reuters reported that the exchange rate on the black market rose to a record level of 158,000 dinars per 100 dollars, while the authorities kept the exchange rate in the central bank at 146,000 dinars per 100 dollars.  
      
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    Muhammad Al-Mansouri said to the agency's report, followed by "NAS" (January 7, 2023), that "since the start of the October Revolution, we have said no to the corrupt political class, from which we only reaped misfortune, destruction, murder, and bloodshed."  
      
    He added, "Today, we cut off part of our demand, which is to reduce the price of the dollar, as its rise harmed the Iraqi citizen and affected the poor."  
      
    He continued, "According to the controversial statistics of the Ministry of Labor, more than 42 percent unemployment in Iraq, and this segment was harmed because of the strength of the dollar."  
      
    Price fluctuations and currency depreciation caused waves of inflation that hit the market hard.  
      
    Abdullah Jabr (shop owner) stated that "the rise of the dollar caused paralysis in the market, as the shopper comes to the market and finds the prices surprising, and they are increasing day by day."  
      
    "While the Iraqis are waiting for the rains, we find that the dollar has reached 160, now 156, then 155 thousand dinars, and prices are rising by five and six figures, and they are already high," he said.  
      
    A citizen named Abu Zahraa stated, "We have become forced to austerity; that is, we no longer take one or two kilograms, but rather half a kilogram or three-quarters of a kilogram. There is no cheap commodity and everything has changed, and prices are getting worse day after day."  
      
    A government employee called Ali pointed out the difficulty of the situation, saying, "We are going through difficult circumstances. The salary ends in the middle of the month, and the prices of meat and milk have increased. This means that we can no longer afford to buy anything, and we have been greatly affected by the dollar."  
      
    Iraqi economist Kovind Sherwani believes that one of the reasons for the currency shortage is the sanctions imposed by the US Treasury Department on a number of Iraqi banks that were contributing a large share in selling the currency.  
      
    Sherwani added, "The first reason is the issuance of sanctions by the US Treasury Department on a number of banks that used to account for a large share of the window for selling the currency."  
      
    As for the second reason, it is represented in the fact that the central bank has created an electronic platform for submitting requests to purchase currency by banks and exchange offices, and this platform contains requirements imposed by the US Treasury and the US Central Bank. He points out that banks seem to be late in meeting these requirements.  
      
    Sherwani attributes the problem to a third factor, which is the existence of speculation in the markets by some traders "who monopolize the currency and store it for other periods."  
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