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Employee salaries lose value.. The dollar rises 15% against the Iraqi dinar
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2023-02-01 05:52
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Shafaq News/ Iraqi economists saw, on Wednesday, that the rise in the exchange rate of the dollar against the dinar is due to several political factors, while they confirmed that this rise led to the employee losing his purchasing power in half.
The economist and professor of economics at the Iraqi University, Abdul Rahman al-Mashhadani, told Shafaq News agency, “The dollar rose by 15% against the Iraqi dinar after the increase that occurred in November, and thus led to an increase in commodity prices by more than 25%.” .
Al-Mashhadani explained, "Employees and those with fixed incomes lost their ability to buy by half due to the rise in the dollar, and the rise in commodities in the markets on the other hand."
For his part, Bassem Jamil, an economist, told Shafaq News agency, "Employees lost 10 to 15% of their salaries after the dollar price hike."
Jamil added, "The rise affected the market movement and the buying process, which decreased by half," noting that "the political and economic factor has a role in this rise."
It is noteworthy that the exchange rate of the dollar against the Iraqi dinar has increased significantly during the current period, reaching more than 168 thousand dinars for every 100 dollars, at a time when the government has been so far unable to stop the deterioration of the Iraqi dinar, which led to the government's process of closing exchange shops in the Stock Exchange. Al-Kifah, Al-Harithiya, and the arrest of some people it described as speculators.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
2023-02-01 05:52
Share
Font
Shafaq News/ Iraqi economists saw, on Wednesday, that the rise in the exchange rate of the dollar against the dinar is due to several political factors, while they confirmed that this rise led to the employee losing his purchasing power in half.
The economist and professor of economics at the Iraqi University, Abdul Rahman al-Mashhadani, told Shafaq News agency, “The dollar rose by 15% against the Iraqi dinar after the increase that occurred in November, and thus led to an increase in commodity prices by more than 25%.” .
Al-Mashhadani explained, "Employees and those with fixed incomes lost their ability to buy by half due to the rise in the dollar, and the rise in commodities in the markets on the other hand."
For his part, Bassem Jamil, an economist, told Shafaq News agency, "Employees lost 10 to 15% of their salaries after the dollar price hike."
Jamil added, "The rise affected the market movement and the buying process, which decreased by half," noting that "the political and economic factor has a role in this rise."
It is noteworthy that the exchange rate of the dollar against the Iraqi dinar has increased significantly during the current period, reaching more than 168 thousand dinars for every 100 dollars, at a time when the government has been so far unable to stop the deterioration of the Iraqi dinar, which led to the government's process of closing exchange shops in the Stock Exchange. Al-Kifah, Al-Harithiya, and the arrest of some people it described as speculators.
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